M&A · Healthcare · Pharmaceutical Preparations
Aurinia Pharmaceuticals Inc. to acquire Kezar Life Sciences, Inc.
Announced Mar 30, 2026 · Closed May 11, 2026
Deal value$51M
Premium12.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$6.96 per share
Transaction
- Acquirer
- Aurinia Pharmaceuticals Inc. (AUPH)
- Target
- Kezar Life Sciences, Inc. (KZR)
- Buyer type
- Strategic
- Offer price per share
- $6.96
- Enterprise value
- —
- Status
- Closed May 11, 2026
Deal protections
- Break fee (target pays)
- $1.2M · 2.3%
- 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
- 96 in the prior 24 months
- Premium
- 12.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 2.3% vs. 3.4% sector median
Timeline
- AnnouncedMar 30, 2026
- Tender offerApr 13, 2026
- ClosedMay 11, 2026