EMERYVILLE,
Calif., Nov. 11, 2024 /PRNewswire/ -- Dynavax
Technologies Corporation (Nasdaq: DVAX), a commercial-stage
biopharmaceutical company developing and commercializing
innovative vaccines, today announced that it has entered into an
Accelerated Share Repurchase transaction ("ASR") under an agreement
with Goldman Sachs & Co. LLC to repurchase $100 million of the Company's common stock.
Dynavax executed the ASR as part of the $200
million share repurchase program authorized by its Board of
Directors in November 2024. Upon
completion of this ASR, Dynavax will have $100 million remaining under the program.
"Today's announcement of the accelerated share
repurchase program reinforces our confidence in our business and
our commitment to deliver value to our shareholders through our
disciplined and thoughtful approach to capital allocation. We
believe that our commercial success and financial position gives us
the ability to strategically deploy capital, execute on our
business strategy and invest in our long-term growth," said
Kelly MacDonald, Chief Financial
Officer of Dynavax. "We remain committed to leveraging our
$200 million share repurchase program
to create value for our shareholders through our balanced capital
allocation strategy."
Under terms of the agreement, Dynavax will pay
$100 million to Goldman Sachs &
Co. LLC and will initially receive approximately 6.1
million shares, with an aggregate value representing
approximately 80% of the $100 million
paid to Goldman Sachs & Co. LLC based on the $13.01 closing stock price of Dynavax's common
stock on November 8, 2021. The final
number of shares repurchased under the ASR will be based on the
volume-weighted average prices of Dynavax's common stock during the
term of the ASR, and subject to adjustments related to the terms
and conditions of the ASR agreement. The final settlement of the
ASR is expected to be completed in the first quarter of 2025. As of
November 5, 2024, Dynavax had
approximately 131.5 million shares outstanding.
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 ability to execute
on our strategic objectives, the anticipated benefits of our share
repurchase program and the expected timing for completion of the
ASR transaction. 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 may not provide the benefits anticipated, 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