Dynavax Technologies (DVAX) has again rejected efforts by activist investor Deep Track Capital to add several new directors to its board, keeping the two sides on a path to settle their fight at the biopharmaceutical company's upcoming annual shareholder's meeting in June.

Deep Track, which said it owns a 14.3% stake in Dynavax, said the company's board "has refused to compromise and seems set on not having a representative of one of its largest shareholders as a director."

Deep Track has been trying to influence operations at Dynavax since at least October 2022, demanding that the company suspend its acquisition strategy and double the size of its stock buyback program to $400 million, and has bolstered those demands by accumulating more Dynavax shares.

Deep Track, which has been seeking to name as many as four new directors to the nine-member board, made a compromise offer late last month that would have given it two board seats to replace two sitting directors, but that proposal was rejected, Deep Track said Wednesday.

Dynavax has issued preliminary documents scheduling its annual shareholders meeting for June 11 and reiterating its support for its four-person nominee slate. Shareholders of record on April 14 are eligible to participate, it said.

Dynavax did not immediately respond to a request from MT Newswires on Wednesday seeking comment.

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