Kezar Life Sciences receives $1.10 per share acquisition proposal from Concentra

Kezar Life Sciences announced that it has received an unsolicited, non-binding proposal from Concentra Biosciences, a Delaware limited liability company, to acquire all of the outstanding shares of common stock of Kezar for cash consideration of $1.10 per share, plus a contingent value right that represents the right to receive 80% of the net proceeds from any out-license or disposition of Kezar’s development programs or intellectual property. According to a Schedule 13D filed on October 8, with the SEC disclosing Concentra’s proposal, Tang Capital Management is the controlling stockholder of Concentra, and Tang Capital beneficially owns approximately 9.9% of the company’s outstanding common stock. Consistent with its fiduciary duties, Kezar’s board and management team will evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the company and all Kezar stockholders and respond appropriately.