ISS Supports Dynavax's Directors: A Sign of Stability in Governance and Strategy

ISS Grants Support to Dynavax's Director Nominees

In a pivotal move for Dynavax Technologies Corporation, a highly regarded independent proxy advisory firm, Institutional Shareholder Services (ISS), has recommended that shareholders cast their votes in favor of all four of Dynavax's director nominees. This endorsement comes ahead of the company's Annual Meeting of Stockholders scheduled for June 11, 2025, underscoring the firm's confidence in Dynavax's governance and strategic roadmap.

The Importance of This Endorsement

ISS's recommendation stands out as a significant victory for Dynavax amidst ongoing challenges posed by a dissident group, Deep Track, which has attempted to challenge the company's board composition and strategic direction. ISS, in its report dated May 23, 2025, indicated that Deep Track has failed to provide a compelling rationale for altering Dynavax's leadership. The advisory firm asserted that the existing strategy, bolstered by the current board, is best positioned to ensure long-term stockholder value creation.

Dynavax’s Commitment to Long-term Growth

In its statement following the ISS recommendation, Dynavax emphasized its unwavering commitment to fostering a long-term growth strategy. The company pointed to the successful commercialization of its HEPLISAV-B vaccine and the ongoing development of multiple vaccine programs utilizing its innovative CpG 1018® adjuvant. Since refocusing its strategy in 2019, Dynavax has generated significant revenues, with over $950 million attributed to its COVID-19 vaccine business, highlighting the efficacy of its strategic direction.

Concerns with Deep Track's Proposals

ISS also expressed concerns regarding the credibility of Deep Track's assertions, particularly its misleading analysis of TSR (total shareholder return). Dynavax highlighted that such distortions only serve to undermine Deep Track's position. Furthermore, ISS noted ongoing enhancements in Dynavax's board composition since 2020, with six of the nine current directors being appointed in recent years, reflecting the company's proactive approach to leadership refreshment.

A Call to Action for Stockholders

The Dynavax Board made a clarion call to its stockholders, urging them to heed ISS’s advice and support the election of Brent MacGregor, Scott Myers, Lauren Silvernail, and Elaine Sun. Their unique blend of expertise and experience in biotechnology and public markets is deemed critical for the company's future success. The Board firmly believes that replacing any of its nominees with candidates suggested by Deep Track would harm Dynavax’s strategy and overall market position.

Future Outlook

With a total return of 203% delivered to stockholders over the past five years, Dynavax is once again inviting its shareholders to play a crucial role in shaping the future of the company. The board insists that every vote matters and encourages stockholders to submit their votes on the GOLD proxy card supporting all four director nominees.

In conclusion, the endorsement from ISS not only validates Dynavax's strategy but also strengthens the company's position ahead of the upcoming vote, as stockholders consider the future path of Dynavax in the rapidly evolving biopharmaceutical landscape.

For more information about Dynavax’s strategic plans and products, or for assistance with voting, shareholders are advised to visit the company's investor relations page or contact their proxy solicitor, MacKenzie Partners.