M&A, Deals, Partnerships:
Dynavax Technologies (SF) to Be Acquired by Sanofi for $2.2B Cash
Sanofi will buy Dynavax for $2.2 billion in cash ($15.50/share) to add Dynavax’s adult hepatitis B vaccine Heplisav-B (a 2-dose series over 1 month vs. the typical 3 doses over 6 months); Heplisav-B generated $90M in Q3 2025 revenue and Dynavax guided $315M–$325M for full-year 2025. The deal (expected to close in Q1 2026) also brings Dynavax’s early shingles candidate Z-1018 into Sanofi’s pipeline, while Sanofi separately received an FDA complete response letter for its MS drug tolebrutinib.
Gilead Sciences (SF) Licenses Early-Stage Cancer Drug from Repare Therapeutics
Gilead Sciences agreed to pay $25M upfront (plus an additional $5M tied to technology transfer) for rights to RP-3467, an experimental small-molecule cancer drug designed to target tumors with specific genetic weaknesses, including BRCA-related cancers. The deal adds another externally sourced oncology program to Gilead’s pipeline as the drug is being tested in early clinical trials across ovarian, breast, prostate, and pancreatic cancers, highlighting continued big-pharma interest in precision cancer therapies even at early stages.
Other Interesting News:
BioMarin Pharmaceutical (SF) Discontinues Genetic Liver Disease Program Amid Portfolio Shift
BioMarin quietly halted development of BMN 349, an oral small-molecule for alpha-1 antitrypsin deficiency–associated liver disease, ending a Phase 1 study as part of a strategic portfolio review — not due to safety or efficacy issues. The move comes alongside BioMarin Pharmaceutical’s $4.8B acquisition of Amicus, signaling a continued shift toward approved and late-stage rare-disease assets while trimming earlier programs.
The partners’ antibody setrusumab failed to reduce fracture rates in two late-stage trials for osteogenesis imperfecta, missing the primary endpoint despite improving bone density, leading both companies to cut costs and reassess next steps. The news triggered a sharp market reaction, with Ultragenyx Pharmaceutical losing over $1B in market value, though investors remain focused on its separate Phase 3 Angelman syndrome program expected to read out in 2026.
Crinetics Pharmaceuticals (SD) Posts Strong Early Sales for First Approved Drug
Crinetics Pharmaceuticals reported over $5M in sales for its newly approved rare disease drug Palsonify in Q4 2025, beating analyst expectations and marking a strong first full quarter on the market following FDA approval in September. The company also shared positive Phase 2 data for another program, atumelnant, showing a 67% average reduction in a key hormone marker in patients with congenital adrenal hyperplasia, reinforcing confidence in its broader pipeline.
