Dynavax Technologies' (DVAX) shareholder Deep Track Capital nominated four independent directors to the biopharmaceutical company's board to focus on key hepatitis B vaccine Heplisav and shift away from acquisitions.
"Focusing on Heplisav could result in nearly $2 billion of cash being returned to shareholders by the end of 2030," Deep Track Capital said Wednesday in a statement. The investment firm said it owns 13.53% of Dynavax.
A Deep Track letter to Dynavax shareholders criticized the biopharmaceutical company's board's "poor governance, reactive entrenchment maneuvers and unwillingness to work constructively."
Brett Erkman, Jeffrey Farrow, Michael Mullette and Donald Santel were nominated as Dynavax directors, Deep Track said.
Dynavax didn't immediately respond to a request for comment from MT Newswires.
Shares of the company rose 3.1% in recent trading.
Price: 13.33, Change: +0.40, Percent Change: +3.09
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