Dynavax Announces $100 Million Accelerated Share Repurchase Program

DVAX 11.11.2024

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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 withGoldman Sachs & Co.LLC to repurchase$100 millionof the Company's common stock.Dynavaxexecuted the ASR as part of the$200 millionshare repurchase program authorized by its Board of Directors inNovember 2024. Upon completion of this ASR,Dynavaxwill have$100 millionremaining under the program.

(PRNewsfoto/Dynavax Technologies)

"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," saidKelly MacDonald, Chief Financial Officer ofDynavax. "We remain committed to leveraging our$200 millionshare repurchase program to create value for our shareholders through our balanced capital allocation strategy."

Under terms of the agreement,Dynavaxwill pay$100 milliontoGoldman Sachs & Co. LLCand will initially receive approximately 6.1 million shares, with an aggregate value representing approximately 80% of the$100 millionpaid toGoldman Sachs & Co. LLCbased on the$13.01closing stock price ofDynavax'scommon stock onNovember 8, 2024. The final number of shares repurchased under the ASR will be based on the volume-weighted average prices ofDynavax'scommon 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 ofNovember 5, 2024,Dynavaxhad approximately 131.5 million shares outstanding.

AboutDynavaxDynavaxis 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 theU.S., theEuropean UnionandGreat Britainfor 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, visitwww.dynavax.com.

Forward-Looking StatementsThis 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 endedSeptember 30, 2024and periodic filings made thereafter, as well as discussions of potential risks, uncertainties and other important factors in our other filings with theU.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 onDynavax'swebsite atwww.dynavax.comis not incorporated by reference in our current periodic reports with theSEC.

For Investors/Media:Paul Coxpcox@dynavax.com510-665-0499

Nicole Arndtnarndt@dynavax.com510-665-7264

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