- Companies
- Dynavax
Dynavax Acquisition & Valuation
Dynavax was acquired by Sanofi for $2.2B in December 2025, a 7.0x multiple on $315M of revenue.
Dynavax revenue at acquisition
$315M
Last twelve months · Dec 2025
Dynavax revenue multiple at acquisition
7.0x
EV/Revenue · Dec 2025
Dynavax EBITDA multiple at acquisition
29.3x
EV/EBITDA · Dec 2025
Dynavax Overview
About Dynavax
Dynavax is a vaccines company based in Emeryville, California. It markets HEPLISAV-B, an adult hepatitis B vaccine that uses a two-dose regimen over one month, achieving higher seroprotection and completion rates than traditional three-dose vaccines. Its pipeline includes Z-1018, a phase 1/2 shingles vaccine candidate designed to compete with GSK's Shingrix in the adult 50-and-over market.
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$315M (Dec 2025)
Valuation
$2.2B (acquired Dec 2025)
Sectors
Dynavax Acquisition
Dynavax was acquired by Sanofi for $2.2B on 24 December 2025.
The acquisition price implies a 7.0x revenue and 29.3x EBITDA multiple on $315M of revenue.
Dynavax Technologies Corporation, a publicly traded Emeryville, California-based vaccines company, markets HEPLISAV-B, an adult hepatitis B vaccine differentiated by its two-dose regimen over one month that achieves higher seroprotection and completion rates than traditional three-dose vaccines, generating $95 million in Q3 2025 sales. Its pipeline features Z-1018, a phase 1/2 shingles vaccine candidate demonstrating comparable immunogenicity to GSK's Shingrix with fewer side effects in adults aged 50+, positioning it as a potential rival in the $4.5 billion annual market dominated by Shingrix. Sanofi, the French pharmaceutical giant, acquired Dynavax to augment its adult immunization portfolio by integrating these assets with its global commercial reach, development expertise, and scale, following its $1.6 billion purchase of Vicebio's RSV vaccine in July 2025. The deal structure involved a cash tender offer for all outstanding Dynavax shares at $15.50 per share, equating to an equity value of approximately $2.2 billion—a 39% premium over the December 23, 2025 closing price and 46% over the three-month VWAP—funded by Sanofi's available cash resources without impacting 2025 financial guidance. Thomas Triomphe, Sanofi's vaccines head, highlighted how Dynavax's offerings complement Sanofi's expertise and commitment to lifelong vaccine protection, while Dynavax CEO Ryan Spencer noted the partnership would maximize HEPLISAV-B and pipeline impact against infectious diseases. The tender offer expired February 9, 2026, with all conditions met, enabling Sanofi to complete the acquisition on February 10, 2026, via merger of a wholly owned subsidiary into Dynavax, making it an indirect wholly owned subsidiary.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 24 Dec 2025 | Strategic M&A | $2.2B | 7.0x | 29.3x |
Dynavax Competitors
Dynavax competitors include listed companies like Grand Pharmaceutical, Generate Biomedicines, LigaChem Biosciences and Sarepta Therapeutics, and private ones like Insitro and Orano Med.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.2B | - | ||
| Publicly listed | $1.6B | $284M | $2.2B | 1.6x | ||
| Publicly listed | $32M | ($222M) | $2.2B | 59.4x | ||
| Publicly listed | $103M | ($76M) | $2.2B | 18.1x | ||
| Private | - | - | $2.2B | - | ||
| Publicly listed | $2.2B | ($656M) | $2.2B | 1.3x |
Dynavax Public Comps
Dynavax is no longer listed, but its public comps include Grand Pharmaceutical, Generate Biomedicines, LigaChem Biosciences, Sarepta Therapeutics, BioCryst Pharma, Palvella Therapeutics, Ocular Therapeutix, Trevi Therapeutics, Brightgene Bio-medical and UroGen Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $284M | 1.6x | 1.6x | 9.0x | 8.0x | |||
| $32M | ($222M) | 56.4x | 59.4x | (8.1x) | (7.2x) | |||
| $103M | ($76M) | 19.0x | 18.1x | (25.7x) | (19.8x) | |||
| $2.2B | ($656M) | 1.1x | 1.3x | (3.7x) | 12.8x | |||
| $875M | $337M | 3.0x | 3.5x | 7.9x | - | |||
| - | ($38M) | - | - | (51.3x) | (27.3x) | |||
| $52M | ($268M) | 32.9x | 32.5x | (6.4x) | (5.4x) | |||
| - | ($49M) | - | - | (37.6x) | (25.8x) | |||
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Common questions about Dynavax
| Where is Dynavax headquartered? | Dynavax is headquartered in United States. |
| Is Dynavax publicly listed? | No, Dynavax was acquired by Sanofi in December 2025. |
| Who acquired Dynavax? | Dynavax was acquired by Sanofi in December 2025. |
| How much was Dynavax acquired for? | Dynavax was acquired for $2.2B in December 2025, a 7.0x revenue multiple. |
| Which companies are comparable to Dynavax? | Companies comparable to Dynavax include Insitro, Grand Pharmaceutical, Generate Biomedicines, LigaChem Biosciences, Orano Med and Sarepta Therapeutics. |
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