Press Release May 17, 2021

Capital Markets Team Represents Initial Purchasers and Dealers on Dynavax’s $200 Million 2.50% Convertible Senior Notes and Capped Call

The Capital Markets team advised the initial purchasers on Dynavax Technologies Corporation’s (Nasdaq: DVAX) Rule 144A offering of $200 million principal amount of its 2.50% Convertible Senior Notes due 2026. The initial conversion price of the notes features a premium of approximately 32.5% up from the reference price of $7.90 per share. In connection with the offering, Dynavax and certain investment bank dealers entered into capped call transactions, which mitigate equity dilution and/or offset payments due upon conversion of the notes and effectively raise the conversion price of the notes to approximately $15.80 per share, a 100% premium over the reference price.

Dynavax is a fully integrated biopharmaceutical company focused on leveraging the power of the body’s innate and adaptive immune responses through Toll-like Receptor stimulation. Dynavax develops, and commercializes novel vaccines.

Goodwin’s Life Sciences team consisted of Ben Marsh and William Magioncalda. Goodwin’s Debt Capital Markets team consisted of Jim Barri, John Servidio, Kim de Glossop, and Patrick Wilson. Goodwin’s Tax team consistent of Dan Karelitz and Garrett Gaughan.

For more information, please see the Dynavax pricing press release for the offering.