The acquisition is complete — KZR shares will cease trading and be deregistered. The CVR represents the only remaining upside for former shareholders, tied to future milestones. Monitor Aurinia Pharmaceuticals (AUPH) for any disclosures regarding CVR triggers or integration updates.
Price Chart
Executive Summary
Kezar Life Sciences has been acquired by Aurinia Pharma U.S., Inc. in a completed tender offer and merger. Shareholders received $6.955 per share in cash plus one contingent value right (CVR) per share. The company has been delisted from Nasdaq and is now a wholly owned subsidiary of Aurinia, with all prior directors and officers replaced by Aurinia appointees.
Key Facts
- Aurinia Pharma completed a tender offer for all Kezar shares at $6.955 per share plus one CVR per share.
- 5,927,580 shares (80.2% of outstanding) were validly tendered and accepted.
- The merger was completed on May 11, 2026 under Section 251(h) of the DGCL without a stockholder vote.
- Kezar common stock has been delisted from Nasdaq and the company intends to deregister its shares under the Exchange Act.
- All prior directors and officers resigned; Kevin Tang (CEO), Ryan Cole (COO), Michael Hearne (CFO), and Stephen Robertson (CLO) now lead the surviving corporation.
- The company's certificate of incorporation and bylaws were amended and restated.
- Out-of-the-money stock options were cancelled for no consideration; in-the-money options were cashed out.
- The 2018 Employee Stock Purchase Plan was terminated.
Financial Impact
Total cash consideration of approximately $41.2 million based on 5,927,580 shares at $6.955 per share, plus contingent value rights with undisclosed potential payments.
Risk Factors
- CVR payments are contingent on future milestones and may never materialize.
- Delisting and deregistration eliminate public market liquidity for KZR shares.
- Out-of-the-money option holders received no consideration.
- Integration risk as Kezar becomes a wholly owned subsidiary of Aurinia.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-020407 |
| Document: ef20072746_8k.htm | 0001140361-26-020407 |
| Document: ef20072746_ex3-1.htm | 0001140361-26-020407 |
| Document: 0001140361-26-020407-index-headers.html | 0001140361-26-020407 |
| Document: 0001140361-26-020407-index.html | 0001140361-26-020407 |
| Document: 0001140361-26-020407.txt | 0001140361-26-020407 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 15, 2026 20w ago | EFFECT | $7.29 awaiting T+1 | awaiting T+1 | — | — |
May 11, 2026 20w ago | 25-NSE | $7.29 $7.29 | · 0.00% | ▲ +0.14% | — |
May 11, 2026 20w ago | 8-K | $7.29 $7.29 | · 0.00% | ▲ +0.14% | — |
US Market Status
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