Pharma BD Deal Intelligence
A $2.2B all-cash acquisition that gave Sanofi a marketed two-dose hepatitis B vaccine, HEPLISAV-B, plus an early shingles candidate to bolster its adult-immunization portfolio, funded entirely from cash on hand at a 39% premium.
Sanofi's Vaccine Lineup Gets a Shot in the Arm With $2.2B Dynavax Acquisition. William Blair analyst Matt Phipps noted the acquisition makes strategic sense,…
Big Pharma Dealmakers Joined by Spunky Group of Biotech Buyers in Q4. The roundup positions Sanofi's $2.2B Dynavax acquisition as one of the headline Q4…
Official Sanofi completion press release for the Dynavax acquisition, Feb 10, 2026.
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Sanofi acquired Dynavax Technologies in an all-cash tender offer of $15.50 per share (~$2.2B equity value; a 39% premium to the Dec 23, 2025 close), announced Dec 24, 2025 and completed Feb 10, 2026. The deal adds Dynavax’s marketed adult hepatitis B vaccine HEPLISAV-B — differentiated by a 2-dose, 1-month regimen — plus a Phase 1/2 shingles candidate (Z-1018) to Sanofi’s adult-immunization portfolio. Funded with available cash.
2.2M US cases/yr · $1.5B US Adult Hep B Vaccine Market
Adult hepatitis B vaccination is recommended by CDC for all adults aged 19-59 and at-risk adults 60+. HEPLISAV-B is differentiated by its 2-dose, 1-month regimen vs standard 3-dose, 6-month schedules, enabling higher completion rates.
HEPLISAV-B competes with Engerix-B (GSK, generic) and PreHevbri (VBI). Key differentiator is the CpG 1018 adjuvant enabling 2-dose completion. Revenue was $269M in 2024, growing with adult vaccination expansion mandates.
Sanofi completed ~$2.2B acquisition of Dynavax Technologies, gaining Heplisav-B hepatitis B vaccine and CpG 1018 adjuvant technology platform.
Closed March 2026. Heplisav-B is established vaccine; CpG 1018 adjuvant has platform value for next-gen vaccines. Too early to assess integration.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Sanofi SA / Dynavax Technologies (this deal) | 2025 | $2.2B | 67 |
| Sanofi SA / Regeneron Pharmaceuticals, Inc. | 2007 | $1.0B | 97 |
| Sanofi SA / Synthelabo S.A. | 1998 | $11.0B | 84 |
| Sanofi SA / Genzyme Corporation | 2011 | $20.1B | 84 |
| Sanofi SA / Amunix Pharmaceuticals Inc. | 2021 | $1.2B | 76 |
| Sanofi SA / Genzyme Corporation | 2010 | $18.5B | 75 |
| Sanofi SA / Translate Bio Inc. | 2018 | $805M | 73 |
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