Aurinia Pharmaceuticals to Acquire Kezar Life Sciences for $6.95 Per Share

Key Facts

1Aurinia Pharmaceuticals agreed to acquire Kezar Life Sciences for $6.95 per share in cash plus one non-transferable contingent value right (CVR).

2The CVR is tied to the clinical development of zetomipzomib and net cash exceeding $50 million at closing.

3Tang Capital Partners, holding a 9% stake, supports the deal, which is expected to close in Q2 2026.

4Law firms have launched investigations into whether Kezar's board obtained the best possible price for shareholders.

Aurinia Pharmaceuticals (AUPH) has entered into a definitive agreement to acquire Kezar Life Sciences (KZR) for $6.95 per share in cash. In addition to the cash payment, Kezar shareholders will receive one non-transferable contingent value right (CVR) tied to the clinical development of zetomipzomib and net cash levels exceeding $50 million at closing. The transaction is expected to close in the second quarter of 2026 and has already garnered support from Tang Capital Partners, which holds a 9% stake in Kezar. This strategic move allows Aurinia to consolidate its position in autoimmune disease therapies while providing a path forward for Kezar amid its ongoing financial struggles. However, the deal has prompted investigations from law firms to determine if Kezar's board maximized value for its shareholders. The acquisition marks a significant expansion for Aurinia as it integrates Kezar’s clinical pipeline under its established leadership.