Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFA14A
Source: 0000930413-25-001275
Chunk: 4

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFA14A
Chunk 4
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 Corporate Development: Continuously evaluating external opportunities expected to leverage our unique capabilities and         
 expertise to develop and commercialize vaccine products. Our disciplined approach provides a high bar to execute transactions, 
 ensuring we maximize any potential investments in corporate development.                                                       |

This strategy is supported by a disciplined capital
allocation framework that protects the value of our core business while balancing strategic investments for future growth and return
of capital to our stockholders. Dynavax announced a $200 million share repurchase program in November 2024 to be completed in 2025,
$128.8 million of which has already been executed as of the end of the first quarter of 2025. We are one of few vaccine-focused
biotechnology companies that have returned meaningful capital to stockholders. We also recently refinanced a majority of our outstanding
Convertible Senior Notes, which extended the maturity date of most of our existing debt, lowered our overall cost of capital through
improved terms, and reduced basic and diluted shares outstanding. We believe we executed this refinancing on a timely basis,

Based on Dynavax stock price between March 31,
2020, and March 31, 2025.

| Page 3 of 8 |

which significantly strengthened our capital structure
and further positioned us for successful execution of our strategy.

<div align='center'>THE DYNAVAX BOARD IS BEST POSITIONED TO ADVANCE OUR STRATEGY</div>

As Dynavax’s strategy has evolved, so too has
our Board to ensure our collective skillsets are truly representative of the current and future needs of the business. The Dynavax
Board has been programmatically and meaningfully refreshed, resulting in a dynamic boardroom with new and varied perspectives.
Our refreshment process – which has been in place long before Deep Track began its campaign – has been executed through
rigorous selection criteria to identify industry leaders with highly specialized skills and experiences that are relevant to Dynavax’s
business. Today, the Board has significant and relevant public company experience, including serving as directors and C-suite executives
of global healthcare organizations with a wide cross section of expertise across every function of the industry.

We have also made important proactive corporate governance
enhancements, including seeking your approval to declassify the Board of Directors.

As a result of the changes we have made, including
the appointment of two highly qualified new directors earlier this year, following the Annual Meeting, the Board will be comprised
of nine directors, with six of our eight independent directors having been appointed since 2020.

The Company’s four director