M&A · Healthcare · Pharmaceutical Preparations
Sanofi to acquire Dynavax Technologies Corp
Announced Dec 24, 2025 · Closed Feb 10, 2026
Deal value$2.20BEV $2.30B
Premium39.0%To unaffected price
EV / Adj. EBITDA—7.0x EV / Revenue
ConsiderationAll cash$15.50 per share
Transaction
- Acquirer
- Sanofi (SNY)
- Target
- Dynavax Technologies Corp (DVAX)
- Buyer type
- Strategic
- Offer price per share
- $15.50
- Enterprise value
- $2.30B
- Status
- Closed Feb 10, 2026
Deal protections
- Break fee (target pays)
- $77.8M · 3.5%
- Reverse fee (buyer pays)
- $117M · 5.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, Goldman Sachs
- Centerview fee
- $30.0M
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- 39.0% vs. 60.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedDec 24, 2025
- Tender offerJan 12, 2026
- ClosedFeb 10, 2026
Valuation · fairness opinions
Trading comparablesCenterview$10.30$13.90
Precedent transactionsCenterview$13.80$18.60
Discounted cash flowCenterview$14.25$16.75
Analyst price targetsCenterview$11.00$25.00
Precedent transactionsCenterview$13.35$22.25
Analyst price targetsGoldman Sachs$13.98$16.47
Premiums paidGoldman Sachs$14.08$20.02
Offer $15.50
Implied value per Dynavax Technologies Corp share by analysis, from Centerview and Goldman Sachs · DCF discount rate 11.5%–13.5%.