Kevin Tang, recently appointed CEO of Aurinia Pharmaceuticals, has made a new offer to acquire Kezar Life Sciences, according to a Mar. 30 statement. The proposal values Kezar at approximately $6.95 per share, or about $50 million in total, and follows an earlier attempt by Tang’s consolidation company Concentra Biosciences to purchase the biotech firm.
The move comes after Kezar experienced significant challenges over the past year. The company faced setbacks following four patient deaths during a clinical trial of zetomipzomib in lupus nephritis, which led the Food and Drug Administration (FDA) to place multiple programs on hold. In response to these events and ongoing financial difficulties—Kezar’s stock had traded below one dollar for months—the company initiated layoffs in November 2025 and sold its early-stage pipeline to Enodia Therapeutics for $1 million upfront plus potential milestone payments.
Tang’s original bid through Concentra was $1.10 per share but did not result in an acquisition. Since then, he has increased his involvement with both Aurinia and Kezar; his investment firm Tang Capital Partners currently owns about nine percent of Kezar shares that will be tendered if the transaction is completed.
Meanwhile, Kezar has continued discussions with the FDA regarding plans for a mid-stage trial of zetomipzomib in autoimmune hepatitis this year.
Tang is known for acquiring struggling biotechnology companies through various investment firms and shell companies such as Concentra Biosciences. These acquisitions often result in rapid restructuring or dissolution of acquired firms.
Aurinia itself underwent leadership changes after Tang joined its board in 2024 and later became CEO last month by increasing his ownership stake to over nine percent. The company also experienced public controversy last fall when George Tidmarsh from the FDA criticized Aurinia's drug Lupkynis on social media—a dispute that led Tang to file complaints resulting in Tidmarsh leaving the agency amid an investigation.
