sanofi
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Sanofi
The 53-year-old French drugmaker is narrowing its bets to immunology, vaccines and a faster pipeline. The wager is that better biology, selective dealmaking and factory-scale AI can turn scientific focus into repeatable growth.
Dynavax Technologies
Dynavax Technologies is an Emeryville, California biopharmaceutical company built around CpG 1018, a proprietary vaccine adjuvant that sharpens the immune system's response. Its flagship product, HEPLISAV-B, is the first and only two-dose adult hepatitis B vaccine approved in the U.S. and Europe, and had grown to roughly 44% U.S. market share by the end of 2024. Beyond hepatitis B, Dynavax licenses CpG 1018 to other vaccine developers - most visibly as an ingredient in several COVID-19 vaccines - and has advanced its own pipeline in shingles, plague, pandemic influenza, and Lyme disease. In December 2025 Sanofi agreed to acquire Dynavax for about $2.2 billion; the deal closed in February 2026.
Formation Bio
Formation Bio is a New York-based, AI-native pharmaceutical company that acquires and in-licenses clinical-stage drug candidates and runs them through a proprietary, technology-driven development platform to bring treatments to patients faster and at lower cost. Formerly known as TrialSpark, the company rebranded in December 2023 and raised a $372M Series D in June 2024 led by Andreessen Horowitz and Sanofi. It pairs in-house drug selection expertise with AI tools for trial design, recruitment, regulatory writing, and safety monitoring, and partnered with OpenAI and Sanofi to build purpose-built AI agents for drug development.