MergerMay 11, 2026, 09:36 AM
Kezar Life Sciences Merges with Aurinia for $6.955/Share + CVR
AI Summary
Kezar Life Sciences, Inc. announced the completion of its merger with Aurinia Pharma U.S., Inc. on May 11, 2026. The merger followed a tender offer where Aurinia acquired all outstanding shares of Kezar for $6.955 per share in cash plus one contingent value right (CVR). Approximately 80.2% of Kezar's outstanding shares were tendered, satisfying the minimum condition. The merger was completed under Section 251(h) of the DGCL, resulting in Kezar becoming a wholly-owned subsidiary of Aurinia. In-the-money stock options were converted into cash and CVRs, while out-of-the-money options were cancelled.
Key Highlights
- Kezar Life Sciences completed its merger with Aurinia Pharma U.S., Inc. on May 11, 2026.
- Shareholders received $6.955 per share in cash plus one contingent value right (CVR).
- Approximately 80.2% of outstanding shares (5,927,580 shares) were validly tendered in the offer.
- The merger was completed under Section 251(h) of the DGCL, making Kezar a wholly-owned subsidiary of Aurinia.
- In-the-money stock options were converted into cash and one CVR per underlying share.
- Out-of-the-money stock options were cancelled without consideration.
- The Company's 2018 Employee Stock Purchase Plan was terminated prior to the merger.