Sanofi's Dynavax takeover clears key hurdles but faces lawsuits and shareholder tests
Sanofi's planned acquisition of Dynavax has cleared a major hurdle after Germany's competition authority approved the deal. The acquisition now faces fewer regulatory obstacles, though legal challenges and shareholder approval remain unresolved. Investors appear optimistic, with Dynavax shares trading near €12.71—a level suggesting confidence in the transaction's success.
The waiting period under U.S. antitrust law for the acquisition expired without intervention, removing one of the biggest regulatory barriers. German regulators followed by giving their approval, smoothing the path for Sanofi's bid.
Three shareholder lawsuits still question the adequacy of the deal's disclosures. These cases, alongside the acceptance rate of Sanofi's tender offer, will determine whether the transaction proceeds as planned. If a majority of shareholders back the bid and the lawsuits fail to block it, the deal could close in early 2026.
Market reaction has been cautious but positive. Dynavax's share price hovers close to €12.71, a benchmark indicating high expectations of completion. Yet, volatility remains typical for biotech deals of this scale. Delays could arise if shareholder uptake is weak or if the lawsuits create unexpected obstacles.
Sanofi has reiterated its confidence in a first-quarter 2026 closing. No public record exists of formal charges related to clause violations in the takeover, suggesting no major legal setbacks have emerged so far.
The acquisition's success now hinges on two key factors: shareholder acceptance and the outcome of the pending lawsuits. With the main regulatory hurdles cleared, the deal's completion appears likely unless legal or participation issues intervene. Dynavax's stock price reflects this cautious optimism, though finalisation is not yet guaranteed.
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