Company: DVAX
Filing Date: 2025-05-07
Form Type: DEFA14A
Source: 0000930413-25-001671
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-07
Form: DEFA14A
Chunk 1
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 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. Indeed, the repeated
refrain from Deep Track and its representatives throughout our negotiations was that Deep Track required the opportunity to obtain
majority turnover on the Board by 2026. Throughout months of earnest negotiation from the Dynavax Board with four different settlement
proposals that offered significant Board change, Deep Track’s single-minded thinking was the impediment

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

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to a resolution. It is clear that Deep Track’s
recent investor presentation is replete with misleading and factually inaccurate statements.

Dynavax is delivering record financial and operational