Seems to me that the big picture is the validation of DVAX TLR potential not just for HepB but also for cancer immunotherapy w/Merck and inhalable asthma treatment w/AZN.
As to the asthma, Dynavax could NEVER have done that alone, as the inhalable component is what Merck is expert at and that is the delivery system for the drugs.
And the SD101? Being done in conjunction with Merck and their Keytruda.
My takeaways are that TLR technology has the potential to enhance a lot of diverse environments. It will reach across disciplines and perhaps obsolete some old approaches. There's a good chance that is the case. The second takeaway is that Dynavax needs big partners to unlock the potential. Even more importantly for the DVAX investor, the Big Partners need Dynavax and their TLR9 mastery.
It was encouraging to hear Eddie Grey say they 'were keen to partner'.
Thinking purely in terms of what the takeout number would be to take them out today, I would say $2b would do it. Eight months from now, with FDA approval for Heplisav and preliminary positive results leaking from the trials with Merck and AZN, who knows what the takeout number would be. Probably north of 2b. Maybe way north.