French pharmaceutical giant Sanofi announced Tuesday it has entered into an agreement to acquire Dynavax Technologies Corporation for approximately $2.2 billion in an all-cash transaction, gaining access to a marketed hepatitis B vaccine and an experimental shingles shot. Under the terms of the merger agreement, Sanofi will pay $15.50 per share, representing a 39% premium over Dynavax's closing price on December 23 and a 46% premium over the three-month volume-weighted average price. The acquisition brings Sanofi HEPLISAV-B, an adult hepatitis B vaccine currently marketed in the United States with an estimated revenue of $315 million to $325 million for 2025. The vaccine, approved by the FDA in 2017, differentiates itself with a two-dose regimen completed over one month, compared to traditional three-dose regimens administered over six months. Dynavax reported HEPLISAV-B captured approximately 46% of the U.S. adult hepatitis B vaccine market share in the third quarter of 2025.

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