Aurinia Finishes $6.955‑per‑share Kezar Acquisition with CVR

Context Aurinia (ticker AUPH) is a Calgary‑based biotech focused on autoimmune therapies; Kezar (ticker KZR) is a South San Francisco‑based company developing lupus‑targeted molecules. Based on the offer price and Kezar’s outstanding share count (~7.4 million), the transaction values Kezar at roughly $51 million in cash, implying a market‑cap increase of about 2% relative to Aurinia’s current market cap of approximately $2.5 billion.

Key Facts The offer consisted of $6.955 in cash plus one CVR per Kezar share, with about 5,927,580 shares—80.2% of the total outstanding—validly tendered and not withdrawn. Aurinia completed the deal by merging its wholly‑owned subsidiary Merger Sub into Kezar under Section 251(h) of the Delaware General Corporation Law, avoiding a shareholder vote. Each CVR entitles holders to future cash payments contingent on the achievement of specified regulatory or commercial milestones for Kezar’s pipeline assets.

What It Means Aurinia gains full control of Kezar’s clinical‑stage assets, including the lupus‑focused peptide KZR‑616, expanding its autoimmune portfolio. The cash outlay of roughly $41 million (80.2% of shares × $6.955) is funded from Aurinia’s balance sheet, while CVRs represent additional potential payouts if milestones are met. For Kezar shareholders, the tender provides immediate liquidity and a right to future upside via the CVRs. Investors will watch for the first CVR trigger events and how Aurinia integrates Kezar’s pipeline into its upcoming clinical‑stage programs.