Dynavax, Symphony Dynamo Inc. deal

Dynavax exercised its option to acquire Symphony Dynamo in a stock deal. Dynavax gained the option in 2006 when it out-licensed its immunostimulatory sequence (ISS)-based cancer and HBV and HCV therapeutics to Symphony Dynamo, which was formed by private equity firm Symphony Capital and co-investors with a $50 million investment. Symphony Capital will receive 13 million shares of Dynavax, which are valued at $16.6 million based on Dynavax's close of $1.28 on Nov. 9, the day before the deal was announced. Symphony Capital also will receive a five-year warrant to purchase 2 million shares of Symphony Dynamo stock at $1.94. The outstanding warrant to purchase 2 million shares at $7.32 was canceled. Upon the deal's planned close in 1Q10, Symphony is expected to own about 24% of Dynavax's outstanding shares. ...