Dynavax Technologies Buys Symphony Dynamo (DVAX)

11/10/2009-Biopharmaceutical company Dynavax Technologies (NASDAQ:DVAX) announced Tuesday that it exercised its option to buy all of the shares of Symphony Dynamo Inc.

In doing so, Dynavax will receive approximately $20 million in cash and regain all rights related to its hepatitis C and cancer therapy programs.

However, the transaction is still subject to Dynavax stockholder approval, but is expected to close in Q1 of next year.

Upon closing of the deal, Symphony and its co-investors are expected to own approximately 24% of Dynavax' common stock.

Write to Chip Brian at cbrian@tradethetrend.com

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