Sanofi (SNY) said it will buy Dynavax Technologies (DVAX) for about $2.2 billion in cash to grow its vaccines business. The French drugmaker will pay $15.50 per share, representing a 39% premium to Dynavax’s closing price on Tuesday. The deal adds Dynavax’s hepatitis B vaccine, already sold in the U.S., and a shingles shot that is still in early testing.
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Through this purchase, Sanofi aims to expand its reach in adult immunization, which includes vaccines for flu, RSV, meningitis, and pertussis. The company said the transaction will not affect its 2025 financial outlook and expects the deal to close in the first quarter of 2026.
Meanwhile, SNY shares rose 0.60% on Tuesday, closing at $48.32.
FDA Rejects Multiple Sclerosis Drug
Shortly before announcing the Dynavax deal, Sanofi said the U.S. Food and Drug Administration had rejected its experimental multiple sclerosis drug, tolebrutinib. The company had already warned that the review might be delayed, with more guidance from the agency expected early next year.
Sanofi’s head of research and development, Houman Ashrafian, said the company is disappointed by the decision and will work with regulators to find a path forward. The rejection marks a setback for Sanofi’s drug pipeline, but the company’s move to expand in vaccines shows a continued focus on long-term growth.
Is SNY Stock a Buy?
Turning to the Street, Sanofi boasts a Moderate Buy consensus rating. The average SNY stock price target is $63, implying a 30.38% upside from the current price.
