French pharmaceutical giant Sanofi announced on Wednesday that it will acquire U.S. vaccine company Dynavax Technologies for approximately $2.2 billion (€1.9 billion) in cash. This deal will grant Sanofi access to an approved hepatitis B vaccine. Following the news, Dynavax's stock surged nearly 40% in early U.S. trading.

This year, Sanofi has completed several acquisitions aimed at reducing its reliance on the blockbuster asthma drug Dupixent and diversifying its business. In July, the company acquired British private biotech firm Vicebio for $1.5 billion, shortly after finalizing its acquisition of U.S. rare disease drugmaker BluePrint Medicines, a deal valued at up to $9.5 billion.

Under the terms of the agreement, Sanofi will acquire Dynavax for $15.50 per share in cash, representing a 39% premium over its closing price of $11.13 on Tuesday.

Sanofi stated that it expects the acquisition to be completed in the first quarter of 2026, with payment to be made from its existing cash reserves. The transaction is not expected to impact its 2025 financial guidance.

This deal marks Sanofi’s second acquisition this year aimed at expanding its vaccine business, against the backdrop of significant shifts in U.S. vaccine policy. U.S. Health Secretary Robert F. Kennedy Jr., who has been critical of vaccines, has cut vaccine research funding and replaced the head of the Centers for Disease Control and Prevention (CDC).

Recently, a CDC advisory committee rescinded a long-standing recommendation that all U.S. newborns receive the hepatitis B vaccine. Sanofi had previously noted that declining vaccination rates are partly attributable to a "negative public sentiment surrounding vaccines."

U.K. competitor GlaxoSmithKline (GSK) has also warned of pressure on vaccine sales in the U.S., while Australian biotech company CSL postponed the spin-off of its vaccine business citing "increased market volatility" and a larger-than-expected decline in U.S. vaccination rates.

The acquisition will also grant Sanofi access to an experimental shingles vaccine in early-stage clinical trials. Analysts at JPMorgan believe the deal closely aligns with Sanofi's strategy. "If early data are validated in larger-scale trials, Z-1018 (the vaccine candidate) could offer upside potential for the company."

Analysts added that Dynavax’s experimental vaccine has the potential to capture market share in the shingles vaccine space, currently dominated by GSK’s Shingrix, which is projected to generate €4 billion in sales this year.

In a separate disclosure, Sanofi reported that the U.S. Food and Drug Administration (FDA) declined to approve its experimental drug tolebrutinib for the treatment of a certain type of multiple sclerosis.

Houman Ashrafian, Sanofi's Head of R&D, stated, "We believe the FDA should fully consider the perspectives of scientific experts, clinicians, and patients on this issue to ensure all viewpoints are taken into account."

Reference：https://finance.eastmoney.com/a/202512253601069747.html