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StocksMedium•31 March 2026•

1 min read

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

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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).

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.