The independent journey of Dynavax Technologies on the public markets is drawing to a definitive close. The biopharmaceutical firm is in the last stages of being acquired by French pharmaceutical giant Sanofi, with final administrative procedures now underway to seal the deal.
Transaction Details and Shareholder Impact
Sanofi, operating through its subsidiary Samba Merger Sub, has set the terms for the takeover. The all-cash transaction values Dynavax at approximately $2.2 billion. Shareholders of record are entitled to receive $15.50 for each share they hold.
- Acquisition Price: $15.50 per share (cash)
- Acquiring Entity: Sanofi (via Samba Merger Sub)
- Final Day to Tender Shares: February 9, 2026, at 11:59 PM ET
- Expected Last Trading Day: February 9, 2026
Market observers widely expect the tender offer to be successfully completed. Consequently, trading of Dynavax stock is anticipated to be suspended on the morning of Tuesday, February 10, 2026, with the shares subsequently delisted.
Index Exclusion Confirms Timeline
In a move that underscores the advanced state of the acquisition, S&P Dow Jones Indices confirmed this week that Dynavax will be removed from the S&P SmallCap 600 index. The change will become effective at the market open on February 10, 2026. OneSpaWorld Holdings will take its place in the benchmark.
Should investors sell immediately? Or is it worth buying Dynavax?
This rebalancing is a direct result of the pending merger. Index-tracking funds and ETFs are now compelled to adjust their portfolios, which is likely to lead to elevated trading volume in Dynavax shares during the remaining sessions before the delisting.
Market Activity Reflects Certain Outcome
Current trading activity signals strong market conviction that the deal will proceed without obstacle. On European exchanges, the stock is trading steadily at €13.14, having seen a mere 0.11% increase since the start of the year. This lack of volatility and the share price’s position close to the offer price indicate that investors see no remaining financial or regulatory hurdles on the path to completion.
With the tender offer deadline set for Monday evening, February 9, shareholders have a final window to voluntarily submit their shares. Following this, Dynavax will officially vanish from trading boards on February 10, marking its full integration into the Sanofi corporate structure.
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