Sanofi to Acquire Dynavax in $2.2 Billion Deal, Strengthening Adult Vaccine Portfolio
Sanofi has announced a definitive agreement to acquire Dynavax Technologies Corporation, a US-based vaccines company, for approximately $2.2 billion. The move significantly strengthens Sanofi’s position in adult immunization.
Why This Acquisition Matters?
The deal brings together Dynavax’s differentiated adult vaccines with Sanofi’s global scale and commercial reach.
It directly addresses major unmet needs in adult vaccination.
Key strategic benefits include:
Expansion of Sanofi’s adult vaccine portfolio
Faster access to differentiated vaccine technologies
Stronger presence in hepatitis B and shingles prevention
Heplisav-B: A Differentiated Hepatitis B Vaccine
A central asset in the acquisition is Heplisav-B, Dynavax’s marketed adult hepatitis B vaccine.
What makes it different:
Two-dose regimen over one month
Faster and higher seroprotection compared to traditional three-dose vaccines
Currently marketed in the United States
This simplified dosing could improve compliance among adults who remain unvaccinated.
Shingles Vaccine and Pipeline Upside
The transaction also includes Dynavax’s shingles vaccine candidate, Z-1018, currently in Phase 1/2 development. Additional early-stage vaccine programs are also part of the deal.
Together, these assets expand Sanofi’s long-term vaccines pipeline.
A Large and Growing Public Health Need
Adult immunization remains underpenetrated, especially in the US.
Key data points:
Nearly 100 million US adults born before 1991 remain unvaccinated for hepatitis B
Chronic hepatitis B can lead to cirrhosis and liver cancer
Shingles affects one in three adults during their lifetime
These gaps create a strong case for expanded adult vaccination strategies.
Deal Terms at a Glance
Offer price:$15.50 per share in cash
Total equity value:~$2.2 billion
Transaction type: Cash tender offer followed by merger
Funding: Existing Sanofi cash resources
Expected close:Q1 2026, subject to regulatory approvals
The Dynavax board has unanimously approved the transaction.
What Sanofi and Dynavax Are Saying?
Sanofi sees the acquisition as a natural extension of its vaccine strategy. Dynavax believes Sanofi’s global infrastructure will maximize the impact of its vaccines.
Both companies emphasize evidence-based immunization and long-term public health impact.
The Bigger Picture
This acquisition reinforces a clear trend. Large biopharma companies are doubling down on adult immunization as a growth and impact area.
For Sanofi, Dynavax adds:
Immediate commercial revenue
Pipeline optionality
A stronger foothold in preventive care across adulthood
If executed well, this deal could reshape Sanofi’s vaccines business for the next decade.