Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) has announced a definitive merger agreement to acquire Kezar Life Sciences, Inc. (NASDAQ: KZR) for $6.955 in cash per share of Kezar common stock, along with a contingent value right (CVR). This acquisition aims to enhance Aurinia's portfolio in the autoimmune disease sector, leveraging Kezar's lead product candidate, zetomipzomib, which is currently in development for autoimmune hepatitis and lupus nephritis. The merger is expected to close in the second quarter of 2026, subject to customary closing conditions, including the tender of shares representing a majority of Kezar's outstanding stock. The deal has been unanimously approved by Kezar's board of directors, who believe it is in the best interests of their shareholders. Aurinia plans to commence a tender offer by April 13, 2026, and the offer will remain open for 20 business days. The merger agreement also includes provisions for the treatment of Kezar's equity awards, ensuring that options and restricted stock units will be handled appropriately during the transition. This strategic move is anticipated to provide immediate liquidity to Kezar's shareholders while allowing them to participate in the future value of zetomipzomib. The transaction is backed by Tang Capital Partners, which holds approximately 9% of Kezar's outstanding shares and has agreed to support the merger. The acquisition is seen as a significant step for Aurinia as it continues to focus on delivering innovative therapies for patients with high unmet medical needs in the autoimmune disease space.

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