InsideArbitrage Event Driven Monitor – December 24, 2025

Merger Arbitrage

1. DVAX: The acquisition of Dynavax Technologies Corporation (DVAX) by Sanofi (SNY) for a closing value of $2.2 billion. Sanofi will commence a cash tender offer to acquire all outstanding shares of Dynavax for $15.50 per share in cash, representing a 39.26% premium from the stock’s last close. (Press Release)
2. SNCR: Synchronoss (SNCR) filed the preliminary proxy statement for its acquisition by Lumine. The company expects the merger to be completed in the first half of 2026.
3. RNA: Avidity (RNA) filed the preliminary proxy statement for its acquisition by Novartis (NVS). The company expects the merger to be completed in the first half of 2026.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

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