Dynavax Acquisition Nears Final Hurdles as Regulatory Approvals Are Secured

The path to acquiring Dynavax Technologies has cleared major obstacles with the expiration of a key U.S. regulatory waiting period. This development follows a prior approval from Germany's competition authority, removing significant barriers to the proposed takeover by pharmaceutical giant Sanofi.

In a recent filing with the U.S. Securities and Exchange Commission (SEC), Dynavax disclosed that the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act concluded on January 27, 2026. This milestone, coupled with the clearance granted by Germany's Federal Cartel Office (Bundeskartellamt) on January 14, satisfies the primary regulatory conditions for the transaction. Sanofi has reiterated its expectation to finalize the acquisition within the first quarter of 2026.

Shareholder Litigation and Market Sentiment

While regulatory challenges have been addressed, the process is not entirely free of complications. Three separate shareholder lawsuits are currently pending, alleging deficiencies in the transaction's disclosures. Dynavax has denied these claims and stated its intention to mount a vigorous defense. Legal actions of this nature are commonplace in large-scale public acquisitions and rarely derail deals completely, though they can potentially introduce delays.

Should investors sell immediately? Or is it worth buying Dynavax?

Market pricing reflects a high degree of confidence that the acquisition will proceed. The stock currently trades at €12.71, hovering close to levels that indicate investor anticipation of a successful completion. The narrower trading range suggests the market views a positive outcome as probable. However, the equity continues to exhibit the volatility typical of biotechnology sector M&A activity.

Essential Deal Details:
- Target Company: Dynavax Technologies
- Acquiring Entity: Sanofi (via a subsidiary)
- Critical Regulatory Event: HSR waiting period expiry on January 27, 2026
- Projected Closing Timeline: Q1 2026 (per Sanofi)
- Current Share Price: €12.71 (as of latest data); trading approximately 5.82% below its 52-week high

Path to Completion

With antitrust approvals from both U.S. and German authorities secured, the focus now shifts to final procedural steps. The acceptance rate of the formal tender offer by Dynavax shareholders and the resolution of the outstanding lawsuits will be decisive. Assuming a majority of shareholders tender their shares and the legal proceedings do not result in an injunction, a closing in the first quarter of 2026 appears likely. Should complications arise, the transaction may face postponement but is not necessarily at risk of termination.