Acquisition Details - Sanofi will acquire Dynavax Technologies for approximately $2.2 billion (1.9 billion euros), gaining access to an approved hepatitis B vaccine [1] - The acquisition price is set at $15.50 per share, representing a 39% premium over Dynavax's closing price of $11.13 [3] - Sanofi expects to finalize the acquisition in the first quarter of 2026 and will utilize available cash for the transaction [3] Strategic Context - This acquisition is part of Sanofi's strategy to diversify growth beyond its leading asthma drug Dupixent, following other significant acquisitions in 2023, including Vicebio for $1.5 billion and BluePrint Medicines for up to $9.5 billion [2] - The deal is aimed at expanding Sanofi's vaccine portfolio amid declining vaccination rates in the U.S. and recent policy changes affecting vaccine funding and recommendations [4][5] Market Implications - The acquisition will provide Sanofi with access to an experimental shingles vaccine currently in early-stage testing, which analysts believe could enhance the company's market position [6] - The shingles vaccine market is significant, with GSK's Shringix projected to achieve sales of 4 billion euros this year [6] Regulatory Challenges - Separately, Sanofi faced a setback as the U.S. FDA declined to approve its experimental drug tolebrutinib for multiple sclerosis, highlighting ongoing regulatory challenges for the company [7]