M&A · Healthcare · Pharmaceutical Preparations
Enodia to acquire Kezar Life Sciences, Inc.
Announced Mar 12, 2026 · Terminated Mar 30, 2026
Deal value—
Premium12.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed
Transaction
- Acquirer
- Enodia
- Target
- Kezar Life Sciences, Inc. (KZR)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Terminated Mar 30, 2026
Deal protections
- Break fee (target pays)
- $1.2M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- TD Cowen
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- 12.0% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedMar 12, 2026
- TerminatedMar 30, 2026