Lupus Nephritis Treatment Company, Kezar to be Acquired through Cash Tender Offer

Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) announced on March 30 that it has signed a merger agreement with its U.S. subsidiary, Aurinia Pharma U.S., and a newly formed merger subsidiary to acquire all outstanding shares of Kezar Life Sciences via a cash tender offer. Under the terms, Kezar shareholders will receive $6.955 per share (approximately ₩9,400) in cash plus one contingent value right (CVR) per share, which may entitle holders to additional cash payments. Any shares not tendered will be automatically converted into the same consideration through a subsequent merger. Several of Kezar’s key shareholders have already entered into pre-tender agreements, and Kezar’s board has unanimously determined that the transaction is fair and in the best interests of all shareholders.

Aurinia expects to launch the cash tender offer for all Kezar shares on or about April 13 at the latest. In recently reported third-quarter 2025 results, Aurinia said product revenues rose to approximately $70.6 million (roughly ₩95 billion), representing mid-20% year-over-year growth, driven by increasing sales of Lupkynis, its oral lupus nephritis therapy.

Headquartered in Edmonton, Canada, Aurinia is a biopharmaceutical company focused on developing and commercializing treatments for autoimmune diseases, including lupus nephritis, and is expanding its revenue base with Lupkynis, which received U.S. FDA approval in 2021. Kezar, based in South San Francisco, is a clinical-stage biotech developing a pipeline of small-molecule drug candidates targeting immune-mediated diseases and oncology.