InsideArbitrage Potential Deal Alert: Kezar (KZR) Receives an Unsolicited Acquisition Bid from Concentra Biosciences

POTENTIAL DEAL DETAILS

Kezar Life Sciences (KZR) announced that it has received an unsolicited, non-binding proposal from Concentra Biosciences to acquire all of the outstanding shares of common stock of Kezar for cash consideration of $1.10 per share, plus a contingent value right that represents the right to receive 80% of the net proceeds from any out-license or disposition of Kezar’s development programs or intellectual property.

Kezar Life Sciences, Inc. Investor Relations

Update(s):

October 17, 2024: Kezar Life Sciences (KZR) announced that its Board has unanimously rejected the unsolicited, non-binding proposal from Concentra Biosciences, as it undervalued the company. In addition, the Board has adopted a limited-duration stockholder rights plan, effective immediately. Once the Rights become exercisable, each Right will entitle its holder to purchase, for $7.16, additional shares of Kezar’s common stock having a market value of twice such exercise price. The Rights Plan will expire on October 17, 2025, unless the Rights are earlier redeemed or exchanged by Kezar.

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