Dynavax shareholder Deep Track files proxy statement

Deep Track Capital, one of the largest shareholders of Dynavax (DVAX) Technologies Corporation, with ownership of approximately 14.53% of the company’s outstanding shares, announced that it has filed a definitive proxy statement in connection with its nomination of four highly qualified candidates for election to the company’s Board of Directors at the 2025 Annual Meeting of Stockholders. Deep Track also sent a letter to shareholders. “We have high conviction in Dynavax’s long-term potential,” the letter reads. “The Company’s lead asset, Heplisav, is extremely valuable and is poised for many years of growth and cash generation. In fact, we believe that Heplisav’s value creation potential will only improve as it becomes further established in the marketplace and becomes the standard of care for hepatitis B vaccination in adults. Unfortunately, we believe that Dynavax is on the wrong track. Instead of focusing on growing Heplisav’s market position, the Company has pursued a years-long search for external assets to acquire. We tried to engage with the Company privately for many months to urge the Board to abandon its fruitless search for acquisition targets, return cash to shareholders through a share repurchase program, and focus exclusively on growing Heplisav – but were rebuffed. We are not a typical “activist” investor. We are a long-term shareholder that is deeply concerned that the Dynavax Board is leading the Company down a path of value destruction that will have negative consequences for all stakeholders. That is why we have taken the extraordinary step (for us) of publicly airing our concerns and nominating four director candidates for the Company’s nine-member Board. Your vote at the Annual Meeting is important – now is the time to make your voice heard and help refocus Dynavax.”