US Stock Market Move | Sanofi agrees to spend $2.2 billion to acquire Dynavax Technologies Corporation (DVAX.US), which surged nearly 40% in pre-market trading.

On Wednesday, Dynavax Technologies Corporation (DVAX.US) surged nearly 40% in pre-market trading, reaching $15.56. On the news front, Sanofi (SNY.US) agreed to acquire Dynavax Technologies Corporation for about $2.2 billion, aiming to expand its vaccine product line which is currently centered around flu vaccines. According to a statement released by Sanofi on Wednesday, they will acquire Dynavax Technologies Corporation, headquartered in Emeryville, California, for $15.50 per share in cash. This offer represents a premium of 39% over Dynavax Technologies Corporation's closing price on Tuesday. Through this acquisition, the French pharmaceutical giant will gain an FDA-approved hepatitis B vaccine in the US market, as well as an experimental shingles vaccine currently in early human trials. Sanofi stated that this move will strengthen its market positioning in the field of adult vaccine administration. Currently, Sanofi's vaccine portfolio covers multiple indications such as flu, respiratory syncytial virus, meningitis, and whooping cough.