A key regulatory obstacle has been cleared for Sanofi’s planned $2.2 billion purchase of Dynavax Technologies, moving the major pharmaceutical deal closer to completion. The transaction, aimed at bolstering the French giant’s standing in the adult vaccine market, recently received a crucial green light from German investment control authorities.
Deal Terms and Timeline
Sanofi first announced its intention to acquire Dynavax in late 2025. The agreement involves a cash payment of $15.50 per share, a figure that represented a significant premium to the market price at the time of the deal’s announcement. With the latest regulatory approval secured on January 29, 2026, the parties are targeting a final closing within the first quarter of 2026.
Market sentiment appears positive regarding the deal’s completion. Dynavax shares are currently trading at €12.76, a level that stands approximately 32.5% above the stock’s 200-day moving average.
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Strategic Assets Driving the Deal
The acquisition centers on two key vaccine assets that Sanofi aims to integrate into its portfolio. The first is HEPLISAV-B, an already-approved hepatitis B vaccine for adults. Its appeal lies in a streamlined two-dose regimen administered within one month, which is expected to improve patient adherence compared to traditional three-dose schedules.
The second asset is the investigational shingles vaccine candidate, Z-1018, currently in clinical development. Preliminary data suggests it may elicit an immune response comparable to existing vaccines while potentially causing fewer injection-site reactions.
Transaction Overview and Next Steps
- Acquiring Company: Sanofi
- Total Value: Approximately $2.2 billion
- Offer Per Share: $15.50 in cash
- Key Assets: HEPLISAV-B vaccine and Z-1018 shingles candidate
Investor attention in the near term will focus on Dynavax’s upcoming quarterly results, expected on February 19, 2026. However, the longer-term strategic value for Sanofi will hinge on clinical progress for the shingles vaccine. Important data from the ongoing Phase 1/2 study is anticipated in the second half of 2026.
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