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Dynavax Announces $100 Million Accelerated Share Repurchase Program

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Dynavax Technologies has announced a $100 million Accelerated Share Repurchase (ASR) program under an agreement with Goldman Sachs & Co. . This ASR is part of a $200 million share repurchase program authorized by Dynavax's Board of Directors in November 2024. Upon completion, $100 million will remain in the program.

Dynavax will initially receive approximately 6.1 million shares, representing around 80% of the $100 million paid, based on the $13.01 closing stock price on November 8, 2021. The final number of shares repurchased will be determined by the volume-weighted average prices during the ASR term, with final settlement expected in Q1 2025. As of November 5, 2024, Dynavax had about 131.5 million shares outstanding.

Chief Financial Officer Kelly MacDonald stated that the ASR reflects confidence in Dynavax's business and commitment to shareholder value through strategic capital allocation.

Dynavax Technologies ha annunciato un programma di riacquisto accelerato di azioni (ASR) da 100 milioni di dollari in base a un accordo con Goldman Sachs & Co.. Questo ASR è parte di un programma di riacquisto di azioni da 200 milioni di dollari autorizzato dal Consiglio di Amministrazione di Dynavax a novembre 2024. Al termine, rimarranno 100 milioni di dollari nel programma.

Dynavax riceverà inizialmente circa 6,1 milioni di azioni, che rappresentano circa l'80% dei 100 milioni di dollari pagati, basato sul prezzo di chiusura dell'azione di 13,01 dollari dell'8 novembre 2021. Il numero finale di azioni riacquistate sarà determinato dai prezzi medi ponderati per volume durante il termine dell'ASR, con il regolamento finale previsto per il primo trimestre del 2025. Al 5 novembre 2024, Dynavax aveva circa 131,5 milioni di azioni in circolazione.

Il direttore finanziario Kelly MacDonald ha dichiarato che l'ASR riflette la fiducia nel business di Dynavax e l'impegno verso il valore per gli azionisti attraverso una allocazione strategica del capitale.

Dynavax Technologies ha anunciado un programa de recompra acelerada de acciones (ASR) de 100 millones de dólares bajo un acuerdo con Goldman Sachs & Co.. Este ASR es parte de un programa de recompra de acciones de 200 millones de dólares autorizado por la Junta Directiva de Dynavax en noviembre de 2024. Al finalizar, quedarán 100 millones de dólares en el programa.

Dynavax recibirá inicialmente aproximadamente 6,1 millones de acciones, que representan alrededor del 80% de los 100 millones de dólares pagados, basado en el precio de cierre de la acción de 13,01 dólares del 8 de noviembre de 2021. El número final de acciones recompradas será determinado por los precios promedio ponderados por volumen durante el término del ASR, con el ajuste final esperado para el primer trimestre de 2025. Al 5 de noviembre de 2024, Dynavax tenía alrededor de 131,5 millones de acciones en circulación.

La directora financiera Kelly MacDonald declaró que el ASR refleja la confianza en el negocio de Dynavax y el compromiso con el valor para los accionistas a través de una asignación de capital estratégica.

다이나박스 테크놀로지스(Dynavax Technologies)10억 달러 규모의 가속 주식 매입(ASR) 프로그램골드만삭스(Goldman Sachs & Co.)와 체결했다고 발표했습니다. 이 ASR은 2024년 11월 다이나박스 이사회에서 승인된 2억 달러 규모의 주식 매입 프로그램의 일환입니다. 완료 시, 프로그램에는 1억 달러가 남을 예정입니다.

다이나박스는 처음에 약 610만 주를 수령할 예정이며, 이는 2021년 11월 8일 종가인 13.01달러를 기준으로 1억 달러의 약 80%를 차지합니다. 최종 매입 주식 수는 ASR 기간 동안의 거래량 가중 평균 가격에 따라 결정되며, 최종 정산은 2025년 1분기에 이루어질 것으로 예상됩니다. 2024년 11월 5일 현재, 다이나박스의 유통 주식 수는 약 1억 3150만 주입니다.

최고 재무 책임자 켈리 맥도날드(Kelly MacDonald)는 ASR이 다이나박스 사업에 대한 신뢰와 전략적 자본 배분을 통한 주주 가치를 높이기 위한 의지를 반영한다고 말했습니다.

Dynavax Technologies a annoncé un programme de rachat d'actions accéléré (ASR) de 100 millions de dollars dans le cadre d'un accord avec Goldman Sachs & Co.. Cet ASR fait partie d'un programme de rachat d'actions de 200 millions de dollars autorisé par le Conseil d'Administration de Dynavax en novembre 2024. À l'issue de ce programme, 100 millions de dollars resteront disponibles.

Dynavax recevra initialement environ 6,1 millions d'actions, représentant environ 80 % des 100 millions de dollars payés, basé sur le prix de clôture de l'action à 13,01 dollars le 8 novembre 2021. Le nombre final d'actions rachetées sera déterminé par les prix moyens pondérés par le volume pendant la durée de l'ASR, avec un règlement final prévu pour le premier trimestre 2025. Au 5 novembre 2024, Dynavax comptait environ 131,5 millions d'actions en circulation.

La Directrice Financière Kelly MacDonald a déclaré que l'ASR reflète la confiance dans les affaires de Dynavax et l'engagement envers la valeur pour les actionnaires grâce à une allocation stratégique du capital.

Dynavax Technologies hat ein Programm zum beschleunigten Aktienrückkauf (ASR) in Höhe von 100 Millionen US-Dollar im Rahmen einer Vereinbarung mit Goldman Sachs & Co. bekannt gegeben. Dieses ASR ist Teil eines Aktienrückkaufprogramms in Höhe von 200 Millionen US-Dollar, das im November 2024 vom Vorstand von Dynavax genehmigt wurde. Nach Abschluss werden 100 Millionen US-Dollar im Programm verbleiben.

Dynavax wird zunächst etwa 6,1 Millionen Aktien erhalten, was etwa 80% der gezahlten 100 Millionen US-Dollar entspricht, basierend auf dem Schlusskurs der Aktie von 13,01 US-Dollar am 8. November 2021. Die endgültige Anzahl der zurückgekauften Aktien wird durch die volumengewichteten Durchschnittspreise während der ASR-Dauer bestimmt, wobei die endgültige Abwicklung für das erste Quartal 2025 erwartet wird. Am 5. November 2024 hatte Dynavax etwa 131,5 Millionen ausgegebene Aktien.

Die Finanzvorständin Kelly MacDonald erklärte, dass das ASR Vertrauen in das Geschäft von Dynavax und das Engagement für den Wert der Aktionäre durch eine strategische Kapitalallokation widerspiegelt.

Positive
  • Dynavax is executing a $100 million ASR program, signaling confidence in its business.
  • The ASR is part of a larger $200 million share repurchase program.
  • Initial receipt of approximately 6.1 million shares boosts shareholder value.
  • Remaining $100 million under the repurchase program provides future capital allocation flexibility.
Negative
  • None.

Insights

This $100 million accelerated share repurchase (ASR) program represents a significant capital return initiative, accounting for approximately 6.4% of Dynavax's market capitalization. The initial receipt of 6.1 million shares at an implied price suggests a premium below current market value, indicating efficient capital deployment. The ASR structure provides immediate accretion to earnings per share while allowing for potential additional share retirement based on future stock performance.

The company's decision to execute half of its total $200 million authorization through an ASR demonstrates strong confidence in cash flow generation and balance sheet strength. With 131.5 million shares outstanding, this repurchase could reduce the float by approximately 4.6%, potentially providing meaningful support to the stock price. The structured nature of the ASR with Goldman Sachs also adds credibility to the execution strategy and may help minimize market impact.

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

FAQ

What is the value of Dynavax's Accelerated Share Repurchase program?

Dynavax's Accelerated Share Repurchase (ASR) program is valued at $100 million.

How many shares will Dynavax initially receive in the ASR?

Dynavax will initially receive approximately 6.1 million shares in the ASR.

When is the final settlement of Dynavax's ASR expected?

The final settlement of Dynavax's ASR is expected to be completed in the first quarter of 2025.

How many shares did Dynavax have outstanding as of November 5, 2024?

As of November 5, 2024, Dynavax had approximately 131.5 million shares outstanding.

Dynavax Technologies Corporation

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