ISS backs Dynavax directors in board fight with Deep Track Capital

By Svea Herbst-Bayliss - 5/23/2025

</head><body><p>By Svea Herbst-Bayliss</p><p>NEW YORK (Reuters) -Proxy advisory firm Institutional Shareholder Services urged Dynavax Technologies shareholders on Friday to reelect all its company directors instead of backing life sciences investment firm Deep Track Capital's four nominees.</p><p>"Vote for all four management nominees," ISS wrote in a note to clients that was seen by Reuters. "The dissident has failed to present a compelling case that change is necessary at this meeting."</p><p>Investors will vote on June 11. Recommendations from ISS and its rivals Glass Lewis and Egan-Jones often help guide shareholders' decisions.</p><p>Deep Track Capital is pushing on with a proxy fight and wants new directors to prioritize development of the company's hepatitis B vaccine instead of pursuing new acquisitions.</p><p>The investment firm is Dynavax's second largest shareholder with a nearly 15% stake. It wants Dynavax to focus exclusively on growing Heplisav, a vaccine designed to prevent the hepatitis B infection that can lead to chronic liver disease and death, into an asset that a large pharma company would want to own.</p><p>While ISS recommended against Deep Track's nominees, it acknowledged certain challenges. "There has been a stall in momentum," it said in a report, but noted that "the market has in no way rebuked the company's strategy."</p><p>Dynavax's stock price has fallen 18% over the last 12 months.</p><p>Representatives for Dynavax and Deep Track did not immediately respond to requests for comment.</p><p/><p> (Reporting by Svea Herbst-Bayliss; Editing by Richard Chang)</p></body></html></p> <div id="news-wrapper"> <div class="thumbnail additional-resources client-content-image-box"> <div class="box-image" style="background-image: url(/images/home/news.jpg);"></div> <div class="caption"> <h3>Nationwide News</h3> <div> <p><a href='/veterans/news-article-detail.aspx?id=155542'>Grave of Black veteran of War of 1812 receives headstone</a></p> <p><a href='/veterans/news-article-detail.aspx?id=155541'>World War II veteran, motorcycle champion turns 102</a></p> <p><a href='/veterans/news-archive.aspx'>News Archive</a></p> </div> </div> </div> </div> </div> </div> </div> </section> </div>  <footer class="footer">  <div class="clearfix footerInfo"> <div class="container"> <div class="row"> <div class="col-sm-7 col-xs-12"> <div class="footerText"> <a href="http://www.trilogyir.com/" target="_blank" class="footerLogo"><img src="/images/Noc-Logo-white.png" alt="Footer Logo" style="width: 200px;"></a> <div class="genericContent" id="landingPageText"> <p>Network of Care for Service Members, Veterans & Their Families is an online information portal for individuals, families and social service agencies to serve those who have served our country. </p> </div> <h3 id="lblTechAssistance" style="color: #fff; 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ISS backs Dynavax directors in board fight with Deep Track Capital