Sanofi $2.2 Billion Vaccine Deal Comes Alongside FDA Setback (2)

Sanofi agreed to buy Dynavax Technologies Corp. for about $2.2 billion, as it seeks to expand a vaccines business currently anchored by its flu shot franchise.

The French drugmaker will pay $15.50 a share in cash for Dynavax, 39% above the Emeryville, California-based firm’s closing price Tuesday. The statement on Wednesday came minutes after Sanofi said the US Food and Drug Administration had surprisingly rejected its experimental multiple sclerosis drug tolebrutinib.

Shares of Sanofi slipped as much as 1.5% in Paris before paring the loss. They were down about 12% this year through Tuesday’s close. Dynavax shares surged 39% in ...