MergerMay 11, 2026, 06:12 AM
Kezar Life Sciences to be Acquired by Aurinia for $6.955/Share + CVR
AI Summary
Kezar Life Sciences entered into a Merger Agreement to be acquired by Aurinia Pharma U.S., Inc. for $6.955 per share in cash plus one contingent value right. Additionally, the company sold its Sec61-based discovery and development program assets to Enodia Therapeutics for an initial $1.0 million, with potential future payments up to $127 million. For the first quarter of 2026, Kezar reported a significantly reduced net loss of $5.8 million, down from $16.6 million in Q1 2025, primarily due to lower R&D expenses and a gain on asset sale.
Key Highlights
- Entered Merger Agreement with Aurinia Pharma U.S., Inc. for $6.955 per share cash plus one CVR.
- Sold Sec61-based discovery and development program assets to Enodia Therapeutics for $1.0M upfront, with potential for up to $127M.
- Net loss significantly improved to $(5.8) million in Q1 2026 from $(16.6) million in Q1 2025.
- Research and development expenses decreased to $1.5 million in Q1 2026 from $12.2 million in Q1 2025.
- Loss from operations improved to $(7.4) million in Q1 2026 from $(17.6) million in Q1 2025.
- Recorded a $1.0 million gain on the sale of a nonfinancial asset in Q1 2026.
- Cash and cash equivalents were $66.2 million as of March 31, 2026.
- Incurred $0.6 million in restructuring and impairment charges in Q1 2026.