#USA #Dynavax Technologies #Emeryville #HEPLISAV-B #Deep Track Capital

Dynavax Files Definitive Proxy Statement

Dynavax Technologies Corporation (Nasdaq: DVAX), a biopharmaceutical leader in vaccine development, has recently filed a definitive proxy statement with the SEC ahead of its Annual Stockholder Meeting scheduled for June 11, 2025. The company is urging its shareholders to support its four nominated directors on the GOLD proxy card in light of a proxy contest initiated by Deep Track Capital, a hedge fund aiming to replace current independent board members.

In the mailed letter to shareholders, Dynavax underscores its strong financial performance and strategic direction. The company has reported an impressive total stockholder return of 267% over the past five years, thanks to its flagship product, HEPLISAV-B, a hepatitis B vaccine, which has significantly expanded its market share from approximately 26% in 2020 to around 44% in 2024.

Emphasizing sound capital allocation, Dynavax has also initiated a $200 million share repurchase program, further enhancing value and signaling confidence in its operational trajectory. With expectations of reaching $305-$325 million in net product revenue in 2025, the company continues to prioritize vaccine innovation while maintaining a balanced approach to return capital to shareholders.

The board has undergone notable refreshment, with Dynavax nominating experienced candidates including Brent MacGregor, Scott Myers, Lauren Silvernail, and Elaine Sun. The board believes these nominees are better suited to execute the company’s strategy than the alternative candidates presented by Deep Track, whose motives are described as risky and focused on short-term gains that may harm long-term growth potential.

Dynavax highlights that its governance improvements, including a proposal to declassify the board, illustrate its commitment to shareholder alignment while enhancing operational oversight and ensuring a focus on sustained value creation. The company has consistently attempted to engage in dialogue with Deep Track to resolve differences amicably, but asserts that Deep Track’s demands are steep and unaligned with Dynavax’s long-term vision.

In the letter, Dynavax emphasizes that the current direction of the board is critical in defending shareholder interests. With the evolving landscape of the biopharmaceutical sector, the company’s ability to leverage its advanced vaccine adjuvant technology, CpG 1018, alongside strategic decisions regarding research and development, positions Dynavax favorably against competitors.

Moving forward, the company is poised to fully concentrate on capitalizing on the growing U.S. hepatitis B vaccine market, aiming for a peak market opportunity projected at over $900 million by 2030. Investment into internal R&D to support pipeline advancements continues to remain a key area of focus for Dynavax as it strives for innovation and differentiation in its products.

In conclusion, as Dynavax prepares for its upcoming vote, shareholders are reminded of the critical nature of their participation in shaping the company’s governance and strategy. The current board, equipped with proven experience and a clear vision, is dedicated to safeguarding the interests of all Dynavax investors amid external pressures. Your vote matters in navigating Dynavax towards a robust future.

For further information about Dynavax's endeavors, its definitive proxy materials can be accessed through their investor relations section at dynavax.com.