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EMERYVILLE, CA - Dynavax Technologies Corporation (NASDAQ:DVAX), a biopharmaceutical firm valued at $1.68 billion, has entered into a material definitive agreement with West Pharmaceutical (TADAWUL:2070) Services (NYSE:WST), Inc. to secure the manufacture and supply of syringe stoppers for its HEPLISAV-B® vaccine. According to InvestingPro data, the company maintains a strong financial health score of GOOD, with more cash than debt on its balance sheet. The new supply agreement, effective as of Monday, replaces a previous contract from July 27, 2016.
The contract stipulates that Dynavax must purchase set volumes of the product, which can be adjusted under certain conditions. The pricing is volume-dependent and may be revised in accordance with a specified price index. The agreement spans four years from the effective date with options for extension. With a robust current ratio of 13.23, InvestingPro analysis shows the company is well-positioned to meet its contractual obligations, as its liquid assets significantly exceed short-term obligations.
Both parties retain the right to terminate the agreement for reasons such as an uncured material breach or if either party faces insolvency, bankruptcy, or reorganization. Details of the supply agreement will be included in Dynavax's Annual Report on Form 10-K for the year ending December 31, 2024.
In a separate development, Dynavax announced on Thursday the appointment of Kelly MacDonald, the company's Chief Financial Officer, as the principal accounting officer, effective immediately. This strategic move comes as part of the company's ongoing efforts to strengthen its leadership team.
This news is based on a statement released in a recent SEC filing by Dynavax Technologies Corporation.
In other recent news, Dynavax Technologies has been the subject of several significant updates. Goldman Sachs downgraded Dynavax's stock rating from "Neutral" to "Sell" and reduced the price target to $12. Analyst Paul Choi cited competitive concerns in the shingles vaccine market and unpredictable demand for repeat hepatitis-B vaccinations as key factors. The firm's analysis indicates that these issues could impact the company's long-term revenue prospects.
Simultaneously, Dynavax announced changes in its leadership structure. Kelly MacDonald, the current CFO, will take on the additional role of principal accounting officer, replacing the departing Justin Burgess. Furthermore, the company has expanded its Board of Directors with the addition of Emilio Emini, Ph.D., and Lauren Silvernail, following the planned retirement of Peggy Phillips and Julie Eastland.
Finally, the company is planning a board declassification, subject to stockholder approval at the 2025 Annual Meeting. This move would result in directors standing for one-year terms starting from 2026, with the full Board up for election annually by 2028. These recent developments reflect Dynavax's ongoing strategic adjustments in response to market dynamics and internal transitions.
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