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- Dynavax
Dynavax Acquisition, Valuation, Funding & Investors
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
$40M (Apr 2010)
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.
Before the acquisition Dynavax had raised $44M across 1 funding round.
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 |
Sources: prnewswire.com
Dynavax Revenue
Dynavax's latest recorded revenue is $40M, as of its undisclosed-stage round in April 2010.
Dynavax revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Apr 2010 | $40M | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Dynavax Funding History
Dynavax has raised a total of $44M across 1 funding round.
Dynavax funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2010 | Undisclosed stage | Federated Kaufmann Fund; Vivo Capital; Great Point Partners | $44M | Vivo Ventures, the Vivo Capital investment arm, took part in a Dynavax Technologies underwritten public offering priced in April 2010. Dynavax sold 30,293,000 units at $1.4525 per unit for gross proceeds of $44 million, each unit comprising one common share and one warrant over half a share at $1.50, exercisable for five years. The company named Federated Kaufmann Funds, Great Point Partners and Vivo Ventures among the institutional investors participating, and the offering was expected to close on April 16, 2010. Under its purchase option agreement with Symphony Capital Partners, Symphony and related investors received a further 1.1 million shares and new warrants over 7 million shares as a result. Dynavax is a Berkeley, California vaccine and immunotherapy company listed on Nasdaq that went on to market the adult hepatitis B vaccine Heplisav-B. Sanofi later agreed to acquire the company. |
Who has invested in Dynavax?
3 investors have backed Dynavax across its funding rounds, including Vivo Capital, Great Point Partners and Federated Kaufmann Fund.
Dynavax Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2010 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialDynavax Competitors
Dynavax competitors include listed companies like Aurinia Pharmaceuticals, Recursion Pharmaceuticals, ACROBiosystems and Immunome, and private ones like Insitro and Orano Med.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.2B | - | ||
| Publicly listed | $283M | $124M | $2.2B | 5.5x | ||
| Publicly listed | $74M | ($582M) | $2.2B | 39.1x | ||
| Publicly listed | $126M | $29M | $2.2B | 13.1x | ||
| Publicly listed | $7M | ($221M) | $2.2B | 1331.8x | ||
| Private | - | - | $2.2B | - |
Dynavax Public Comps
Dynavax is no longer listed, but its public comps include Aurinia Pharmaceuticals, Recursion Pharmaceuticals, ACROBiosystems, Immunome, Lakefront Biotherapeutics, Biohaven, SK Bioscience, Vera Therapeutics, Nanjing King-Friend and Sinocelltech Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $283M | $124M | 6.3x | 5.5x | 14.3x | 9.9x | |||
| $74M | ($582M) | 23.2x | 39.1x | (3.0x) | (3.7x) | |||
| $126M | $29M | 16.2x | 13.1x | 71.3x | 41.7x | |||
| $7M | ($221M) | 243.9x | 1331.8x | (7.7x) | (5.7x) | |||
| $1.2B | $351M | - | - | - | - | |||
| - | ($727M) | - | 16.3x | (3.2x) | (5.4x) | |||
| $482M | ($827K) | 4.6x | 4.4x | (2666.8x) | (73.6x) | |||
| - | ($316M) | - | 72.3x | (5.8x) | (4.2x) | |||
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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. |
| How much funding has Dynavax raised? | Dynavax has raised $44M across 1 funding round. |
| What was Dynavax's last funding round? | Dynavax's last funding round was a $44M undisclosed-stage round in April 2010. |
| Who are Dynavax's investors? | Dynavax's investors include Federated Kaufmann Fund, Vivo Capital and Great Point Partners. |
| What is Dynavax's revenue? | Dynavax's latest recorded revenue is $40M (April 2010). |
| Which companies are comparable to Dynavax? | Companies comparable to Dynavax include Insitro, Aurinia Pharmaceuticals, Recursion Pharmaceuticals, ACROBiosystems, Immunome and Orano Med. |
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