EMERYVILLE, Calif., Nov. 7, 2024
/PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX), a
commercial-stage biopharmaceutical company developing
and commercializing innovative vaccines, today announced
its Board of Directors has authorized the repurchase of up to
$200 million of the Company's common
stock. The share repurchase program does not have an expiration
date and Dynavax currently expects that purchases will be executed
within a period of up to one year.
"Dynavax maintains a disciplined and thoughtful approach to
capital allocation, focused on strategically deploying capital
where we believe we can create the greatest value for our
shareholders and this new program is aligned with that commitment,"
said Kelly MacDonald, Chief
Financial Officer of Dynavax. "We believe this use of capital will
benefit our shareholders while also preserving financial
flexibility to make the investments required to deliver on our
strategy to maximize the HEPLISAV-B® opportunity, advance our
research pipeline, and pursue external opportunities to expand our
portfolio with strategically aligned assets."
The timing and amount of any share repurchases under the share
repurchase program will be determined by Dynavax's management
at its discretion based on ongoing assessments of the capital needs
of the business, the market price of Dynavax's common stock and
general market conditions. Share repurchases under the program may
be made through a variety of methods, which may include open market
purchases, block trades, accelerated share repurchase transactions,
exchange transactions, or any combination of such methods. The
program does not obligate Dynavax to acquire any particular amount
of its common stock, and the share repurchase program may be
suspended or discontinued at any time at the Company's
discretion.
About Dynavax
Dynavax is a commercial-stage
biopharmaceutical company developing and commercializing innovative
vaccines to help protect the world against infectious diseases. The
Company has two commercial products, HEPLISAV-B® vaccine [Hepatitis
B Vaccine (Recombinant), Adjuvanted], which is approved in the
U.S., the European Union and Great
Britain for the prevention of infection caused by all known
subtypes of hepatitis B virus in adults 18 years of age and older,
and CpG 1018® adjuvant, currently used in HEPLISAV-B and multiple
adjuvanted COVID-19 vaccines. For more information about our
marketed products and development pipeline, visit
www.dynavax.com.
Forward-Looking Statements
This press release contains
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are subject to a
number of risks and uncertainties. All statements that are not
historical facts are forward-looking statements. Forward-looking
statements can generally be identified by the use of words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"forecast," "intend," "will," "may," "plan," "project,"
"potential," "seek," "should," "think," "toward," "will," "would"
and similar expressions, or the negatives thereof, or they may use
future dates. Forward-looking statements made in this document
include statements regarding our expected timing and manner of
share repurchases, the amount of cash and respective number of
shares used in, or subject to, such repurchase transactions, and
the sufficiency of our current capital and future cash flows to
support our business strategy after the repurchase transactions are
effected, our ability to return cash to shareholders, while
continuing to execute on our long-term strategy, and ability drive
sustainable value for all stakeholders. Actual results may differ
materially from those set forth in this press release due to the
risks and uncertainties inherent in our business, including, the
risk that our share repurchase program will not provide the
benefits anticipated, that actual demand for our products may
differ from our expectations, risks relating to our ability to
commercialize and supply HEPLISAV-B, risks related to the timing of
completion and results of current clinical studies, risks related
to the development and pre-clinical and clinical testing of
vaccines containing CpG 1018 adjuvant, as well as other risks
detailed in the "Risk Factors" section of our Quarterly Report on
Form 10-Q for the three months ended September 30, 2024 and periodic filings made
thereafter, as well as discussions of potential risks,
uncertainties and other important factors in our other filings with
the U.S. Securities and Exchange Commission. These forward-looking
statements are made as of the date hereof, are qualified in their
entirety by this cautionary statement and we undertake no
obligation to revise or update information herein to reflect events
or circumstances in the future, even if new information becomes
available. Information on Dynavax's website at www.dynavax.com is
not incorporated by reference in our current periodic reports with
the SEC.
For Investors/Media:
Paul
Cox
pcox@dynavax.com
510-665-0499
Nicole Arndt
narndt@dynavax.com
510-665-7264
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SOURCE Dynavax Technologies