Aurinia Finalizes Kezar Life Sciences Takeover at $6.96 per Share

Context Aurinia Pharma U.S., Inc. launched a tender offer for Kezar Life Sciences in April 2026, proposing cash and a contingent value right (CVR) for each share. The offer set a deadline of 11:59 p.m. Eastern on May 8, 2026. Shareholders could withdraw their tender until that moment.

Key Facts - The cash component of the offer was $6.955 per share, payable without interest. - Approximately 5.93 million shares, representing 80.2% of Kezar’s outstanding shares, were tendered and not withdrawn by the deadline. - The tender met the minimum condition required for the merger to proceed. - On May 11, 2026, Aurinia’s merger subsidiary merged into Kezar, making Kezar a wholly‑owned subsidiary of Aurinia. No shareholder vote was needed under Delaware law. - All tendered shares were cancelled and converted into the cash payment, subject to applicable taxes. - At the same time, any outstanding employee stock options at Kezar became fully vested.

What It Means Aurinia now controls Kezar’s pipeline and assets, expanding its presence in the biotech sector. The cash outlay of roughly $41 million (5.93 million × $6.955) reflects Aurinia’s confidence in Kezar’s development programs. Shareholders who tendered receive immediate cash, while those holding CVRs retain rights to future contingent payments tied to Kezar’s performance.

Investors will watch how Aurinia integrates Kezar’s research teams and whether the combined entity can accelerate product approvals. Future earnings reports will reveal whether the acquisition delivers the expected strategic value.