ARTICLE | Company News

Dynavax to acquire Symphony Dynamo

November 11, 2009 1:49 AM UTC

Dynavax Technologies Corp. (NASDAQ:DVAX) exercised its option to acquire Symphony Dynamo Inc. (Rockville, Md.) in a stock deal. Dynavax gained the option in 2006 when it out-licensed its immunostimulatory sequence (ISS)-based cancer, 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 Monday, before the deal was announced. Upon the deal's planned close in 1Q10, Symphony is expected to own about 24% of Dynavax's outstanding shares. ...