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Sanofi to Buy Dynavax for $2.2B to Boost Adult Vaccine Franchise
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Key Takeaways
SNY agreed to buy Dynavax for $15.50 per share in cash, valuing the transaction at about $2.2B.
Dynavax's Heplisav-B uses a two-dose, one-month schedule versus six months, enabling faster seroprotection.
SNY gains the Z-1018 shingles candidate and other programs, with the deal expected to close in Q1 2026.
Sanofi (SNY - Free Report) announced that it has entered into a definitive agreement to acquire Dynavax Technologies (DVAX - Free Report) , a commercial-stage company, for $15.50 per share in cash, reflecting a total equity value of approximately $2.2 billion. Shares of DVAX are up about 40% in the pre-market hours, following the news.
The deal strengthens Sanofi’s adult immunization franchise by combining Dynavax’s vaccine portfolio with Sanofi’s global scale, development expertise, and commercial reach.
How Does the Acquisition Deal Benefit SNY?
The acquisition bolsters Sanofi’s position in adult immunization by adding a differentiated, revenue-generating hepatitis B vaccine to its portfolio. Dynavax’s Heplisav-B is already marketed in the United States and stands out for its two-dose regimen administered over one month compared with the traditional three-dose schedule spread over six months for competing hepatitis B vaccines. This faster dosing schedule enables quicker and higher levels of seroprotection, which could drive stronger uptake among adults and healthcare systems focused on improving vaccination compliance.
The deal also includes Dynavax’s shingles vaccine candidate, Z-1018, which is currently in phase I/II development, along with additional early-stage vaccine programs, thereby expanding Sanofi’s existing pipeline. Shingles represents a large and growing opportunity in adult vaccination, particularly as aging populations increase the addressable market.
Over the past six months, SNY’s shares have risen 1.1% compared with the industry’s 20.4% growth.
Image Source: Zacks Investment Research
From a market perspective, the acquisition provides Sanofi with exposure to large unmet public health needs. In the United States alone, nearly 100 million adults born before 1991 remain unvaccinated against hepatitis B, leaving a sizable population at risk of chronic infection that can lead to serious liver disease, including cirrhosis and liver cancer. Meanwhile, shingles affects roughly one in three adults over their lifetime and can result in debilitating complications, such as long-term nerve pain, vision-threatening eye infections, and, in some cases, dangerous inflammation of the brain. These dynamics support sustained demand for effective adult vaccines, creating attractive commercial opportunities for Sanofi.
For Dynavax, the transaction offers a clear strategic benefit by placing its vaccine portfolio within a global pharmaceutical leader. Sanofi’s global infrastructure, regulatory expertise, and development capabilities should help maximize the commercial reach of Heplisav-B. Additionally, SNY is also better-positioned to advance the shingles program and other pipeline assets more efficiently through later-stage development. The deal also provides immediate cash value and reduces execution and funding risks for DVAX’s shareholders.
The closing of the tender offer is subject to the fulfillment of certain customary closing conditions. If the tender offer is completed, a wholly-owned subsidiary of Sanofi will merge into Dynavax, with any shares not tendered converted into the same $15.50 per share cash consideration. Sanofi will fund the transaction using available cash resources and expects no impact on its 2025 financial guidance. The deal is expected to close in the first quarter of 2026, subject to customary conditions.
Over the past 60 days, estimates for CorMedix’s 2025 EPS have increased from $1.85 to $2.87, while 2026 EPS estimates have risen from $2.49 to $2.88 over the same period. Shares of CRMD have lost 20% over the past six months.
CorMedix’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 27.04%.
Over the past 60 days, the loss estimate for Castle Biosciences has narrowed from 64 cents to 34 cents in 2025. Over the same period, loss estimates for 2026 have improved from $1.82 to $1.06. CSTL stock has rallied 106.4% over the past six months.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining quarter, with the average surprise being 66.11%.
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Sanofi to Buy Dynavax for $2.2B to Boost Adult Vaccine Franchise
Key Takeaways
Sanofi (SNY - Free Report) announced that it has entered into a definitive agreement to acquire Dynavax Technologies (DVAX - Free Report) , a commercial-stage company, for $15.50 per share in cash, reflecting a total equity value of approximately $2.2 billion. Shares of DVAX are up about 40% in the pre-market hours, following the news.
The deal strengthens Sanofi’s adult immunization franchise by combining Dynavax’s vaccine portfolio with Sanofi’s global scale, development expertise, and commercial reach.
How Does the Acquisition Deal Benefit SNY?
The acquisition bolsters Sanofi’s position in adult immunization by adding a differentiated, revenue-generating hepatitis B vaccine to its portfolio. Dynavax’s Heplisav-B is already marketed in the United States and stands out for its two-dose regimen administered over one month compared with the traditional three-dose schedule spread over six months for competing hepatitis B vaccines. This faster dosing schedule enables quicker and higher levels of seroprotection, which could drive stronger uptake among adults and healthcare systems focused on improving vaccination compliance.
The deal also includes Dynavax’s shingles vaccine candidate, Z-1018, which is currently in phase I/II development, along with additional early-stage vaccine programs, thereby expanding Sanofi’s existing pipeline. Shingles represents a large and growing opportunity in adult vaccination, particularly as aging populations increase the addressable market.
Over the past six months, SNY’s shares have risen 1.1% compared with the industry’s 20.4% growth.
Image Source: Zacks Investment Research
From a market perspective, the acquisition provides Sanofi with exposure to large unmet public health needs. In the United States alone, nearly 100 million adults born before 1991 remain unvaccinated against hepatitis B, leaving a sizable population at risk of chronic infection that can lead to serious liver disease, including cirrhosis and liver cancer. Meanwhile, shingles affects roughly one in three adults over their lifetime and can result in debilitating complications, such as long-term nerve pain, vision-threatening eye infections, and, in some cases, dangerous inflammation of the brain. These dynamics support sustained demand for effective adult vaccines, creating attractive commercial opportunities for Sanofi.
For Dynavax, the transaction offers a clear strategic benefit by placing its vaccine portfolio within a global pharmaceutical leader. Sanofi’s global infrastructure, regulatory expertise, and development capabilities should help maximize the commercial reach of Heplisav-B. Additionally, SNY is also better-positioned to advance the shingles program and other pipeline assets more efficiently through later-stage development. The deal also provides immediate cash value and reduces execution and funding risks for DVAX’s shareholders.
The closing of the tender offer is subject to the fulfillment of certain customary closing conditions. If the tender offer is completed, a wholly-owned subsidiary of Sanofi will merge into Dynavax, with any shares not tendered converted into the same $15.50 per share cash consideration. Sanofi will fund the transaction using available cash resources and expects no impact on its 2025 financial guidance. The deal is expected to close in the first quarter of 2026, subject to customary conditions.
Sanofi Price and Consensus
Sanofi price-consensus-chart | Sanofi Quote
SNY’s Zacks Rank and Stocks to Consider
SNY currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are CorMedix (CRMD - Free Report) and Castle Biosciences (CSTL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for CorMedix’s 2025 EPS have increased from $1.85 to $2.87, while 2026 EPS estimates have risen from $2.49 to $2.88 over the same period. Shares of CRMD have lost 20% over the past six months.
CorMedix’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 27.04%.
Over the past 60 days, the loss estimate for Castle Biosciences has narrowed from 64 cents to 34 cents in 2025. Over the same period, loss estimates for 2026 have improved from $1.82 to $1.06. CSTL stock has rallied 106.4% over the past six months.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining quarter, with the average surprise being 66.11%.