Aurinia Pharmaceuticals to Acquire Kezar Life Sciences in a $50.93 Million Deal

Aurinia Pharmaceuticals Inc. (AUPH) entered a merger agreement on March 30, 2026, to acquire Kezar Life Sciences, Inc. (KZR) in a deal valued at $50.93 million.

Deal Structure:

Aurinia will acquire Kezar Life Sciences for $6.955 per share in cash, plus one non-transferable contingent value right (CVR). The cash consideration represents a premium of 12.18% premium from the stock’s last close.

The CVR represents the right to receive:

1. potential payments relating to the ongoing clinical development or disposition of zetomipzomib;
2. certain proceeds relating to Kezar’s collaboration with Everest Medicines and Kezar’s sale of its Sec61?based discovery and development program to Enodia Therapeutics; and
3. 100% of Kezar’s closing net cash in excess of $50 million, net of certain post-closing CVR-related expenses.

Company Profile:

Kezar Life Sciences is a clinical-stage biotechnology company that develops small-molecule drugs for immune-related diseases and cancer. Its main drug candidate, zetomipzomib (KZR-616), is being tested for conditions such as autoimmune hepatitis and lupus.

Aurinia Pharmaceuticals is a commercial-stage biopharmaceutical company that develops and markets treatments for autoimmune diseases. Its approved drug, LUPKYNIS (voclosporin), is used for lupus nephritis, and it is also developing additional therapies targeting immune system pathways.

Deal Details and Timeline:

In October last year, Kezar announced the initiation of a process to explore a full range of strategic alternatives. The stock was trading at $4.17 when the company retained TD Cowen to support it with the strategic review process.

Zetomipzomib is Kezar’s main drug currently being developed. It works in a new way by targeting the immune system and is being tested for diseases like autoimmune hepatitis (AIH), lupus nephritis, and systemic lupus erythematosus (SLE).

In a Phase 2 study called PORTOLA, the drug helped patients achieve strong and long-lasting improvements, allowing them to reduce or avoid using steroids. Kezar has also had encouraging discussions with the U.S. Food and Drug Administration (FDA), which may help speed up the drug’s development for treating autoimmune hepatitis.

Aurinia will, through its wholly owned subsidiary, Aurinia Pharma U.S., Inc., and its merger subsidiary, Aurinia Merger Sub, Inc., commence a tender offer by April 13, 2026, to acquire all outstanding shares of Kezar common stock.

Tang Capital Partners, which owns about 9% of Kezar’s common stock, has agreed to support the transaction and will tender its shares in the offer.

The deal is expected to close in the second quarter of 2026.

TD Cowen acted as the financial advisor, and Cooley served as the legal advisor to Kezar Life Sciences.

Deal Metrics:

For more information on this merger and acquisition transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Kezar Life Sciences, Inc. (KZR) by Aurinia Pharmaceuticals Inc. (AUPH)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Progress of the merger through the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News and SEC filings.
• A history of deal updates.
• And much more.

Disclaimer: This article is intended for informational purposes only. Please conduct your own due diligence before engaging in any buying or selling of securities mentioned herein. The completeness or accuracy of the content or data provided in this article is not warranted.

Editor’s Note: Baranjot Kaur contributed to this article