Dynavax Received, Rejected Buyout Offer From Undisclosed Bidder - Update

Dow Jones01-13

By Kelly Cloonan

Dynavax received a competing takeover offer from an undisclosed, publicly-traded biotechnology company before striking a deal with Sanofi.

The unsolicited, non-binding proposal from Dec. 23 valued Dynavax's shares at $15 apiece in cash, the vaccine specialist disclosed in a filing Monday. The company didn't disclose the name of the bidder.

The bidder continued to express interest in Dynavax on Dec. 28, several days after Dynavax and Sanofi announced their deal, according to the filing. Sanofi's offer values Dynavax's shares at $15.50 apiece in cash.

Dynavax said its board determined the undisclosed bidder's offer was unlikely to lead to a superior proposal to Sanofi's bid. There was substantial risk of Sanofi withdrawing from discussions and Dynavax losing the company's final offer if it continued to pursue a higher price or delayed the execution of the merger agreement, Dynavax said.

The deal for the Emeryville, Calif., company marks Sanofi's fifth acquisition this year. Sanofi has turned to dealmaking to freshen up its lineup of medicines and vaccines after some of its experimental drugs hit snags in clinical studies or approval processes. Dynavax brings a Food and Drug Administration-approved hepatitis B shot, a candidate for a shingles vaccine and several other projects in development.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

January 12, 2026 15:23 ET (20:23 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The company didn't disclose the name of the bidder.The bidder continued to express interest in Dynavax on Dec. 28, several days after Dynavax and Sanofi announced their deal, according to the filing. Sanofi's offer values Dynavax's shares at $15.50 apiece in cash.Dynavax said its board determined the undisclosed bidder's offer was unlikely to lead to a superior proposal to Sanofi's bid. 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The company didn't disclose the name of the bidder. \n\n\n  The bidder continued to express interest in Dynavax on Dec. 28, several days after Dynavax and Sanofi announced their deal, according to the filing. Sanofi's offer values Dynavax's shares at $15.50 apiece in cash. \n\n\n  Dynavax said its board determined the undisclosed bidder's offer was unlikely to lead to a superior proposal to Sanofi's bid. There was substantial risk of Sanofi withdrawing from discussions and Dynavax losing the company's final offer if it continued to pursue a higher price or delayed the execution of the merger agreement, Dynavax said. \n\n\n  The deal for the Emeryville, Calif., company marks Sanofi's fifth acquisition this year. Sanofi has turned to dealmaking to freshen up its lineup of medicines and vaccines after some of its experimental drugs hit snags in clinical studies or approval processes. 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