Sanofi buys hep B vaccine maker for $2.2bn

Sanofi has agreed to get hepatitis B vaccine shaper Dynavax for an equity worth of astir $2.2bn, bolstering the former's pipeline amid important vaccine argumentation changes successful the US.

The transaction, for a terms of $15.50 per stock successful cash, is expected to adjacent successful the archetypal 4th of 2026.

Through the deal, Sanofi volition get Dynavax's hepatitis B vaccine HEPLISAV-B. The merchandise won support successful the US and Europe successful 2017 and 2021, respectively. Sanofi does not presently person a hepatitis B vaccine successful its portfolio. The French drugmaker antecedently won support for a hepatitis B vaccine successful a associated task with MSD, though the second institution present commercialises the jab, which is known nether the HBVaxPro and Recombivax HB marque names successful Europe and the US, respectively.

Heplisav-B is administered via a two-dose regimen delivered wrong 1 month, dissimilar GSK's Engerix-B and MSD's Recombivax HB. These rival products are fixed successful 3 doses implicit six months.

With the Dynavax acquisition, Sanofi is adding a beardown gross avenue for the microorganism that causes superior liver infection. HEPLISAV-B generated income of $268.4m successful 2024, with Dynavax forecasting nett merchandise gross of betwixt $305m and $325m for 2025. GlobalData forecasts HEPLISAV-B volition scope $677m successful yearly income successful 2031.

GlobalData is the genitor institution of Pharmaceutical Technology.

William Blair expert Matt Phipps said: “While the woody worth does travel somewhat beneath our nett contiguous worth for Heplisav of $2.6bn, we judge the acquisition makes consciousness fixed increasing regulatory concerns astir vaccines and capitalist questions connected management’s strategy for worth creation.”

Earlier successful December, the US Centers for Disease and Prevention (CDC) changed its guidance to nary longer urge that each US newborns person the hepatitis B vaccine. The important argumentation changes person created volatility successful the infectious illness vaccine sector, on with catalysing backlash from respective aesculapian bodies.

The jewel successful Dynavax’s pipeline is its shingles vaccine candidate, presently successful a Phase I/II trial. In results announced successful August 2025, the jab, dubbed Z-1018, demonstrated comparable efficacy to GSK’s blockbuster Shingrix – a merchandise that dominates the shingles market. However, Z-1018 had less section and systemic post-injection reactions, which mightiness springiness it a marketplace vantage connected tolerability.

About 1 successful 3 radical successful the US make shingles astatine slightest erstwhile successful their lives, according to the CDC. Shingrix generated £3.4bn globally for GSK successful 2024, representing the size of the shingles market.