Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001695
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Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
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EMERYVILLE, Calif., May 7, 2025 – Dynavax Technologies Corporation
(Nasdaq: DVAX) ("Dynavax" or the "Company"), a commercial-stage biopharmaceutical company developing and commercializing
innovative vaccines, today issued the following statement in response to the investor presentation issued by Deep Track Capital (“Deep
Track”):

Deep Track’s investor presentation demonstrates that Deep
Track fundamentally does not understand how to run a successful commercial stage biotechnology company. Deep Track’s one-dimensional
plan to strip-mine Dynavax ignores market realities and the clear need to have a diversified portfolio and will destroy long-term stockholder
value in pursuit of a quick return. Further, Deep Track has yet to provide any actionable ideas on how to grow HEPLISAV-B®, a core
pillar of its own plan, which our Board and management team are already doing with great success. In contrast, Dynavax’s strategic
plan is working – we have delivered returns of 203% stockholders over the last five years, far outperforming vaccine peers, which
have returned 9%, and the S&P Biotechnology Select Industry Index, which has declined 17%.

Strategically investing in growth through intentional pursuit
of both internal and external assets and opportunistically returning capital to stockholders are not mutually exclusive and the Board
has proven that the Company’s disciplined capital allocation is the right approach for Dynavax stockholders who are invested for
the long term. While attacking the Company’s cash position – which was earned through exponential HEPLISAV-B® growth and
prudent dealmaking execution during COVID-19 – Deep Track fails to acknowledge that Dynavax is one of the few vaccine companies
to return meaningful capital to stockholders. Share repurchases represent 47%
of Dynavax’s use of capital.

As Deep Track’s presentation highlights, it favors a near-term
payoff at considerably lower value and has no reservations about jeopardizing a strong growth platform with tremendous long-term upside.
By Deep Track’s own admission, each of its settlement counterproposals were conditioned on either the appointment of its underqualified
fund principal, a dramatically increased share repurchase program and/or the immediate declassification of the Board – all of which
clearly point to Deep Track’s desire to gain control of the Board and effectuate its plan.

Use of capital from 2020 to present, excluding CapEx and SG&A expense; reflects full execution of the $200 million share repurchase
program