Tang Capital Management Enters Merger Support Agreement and Reports 9% Stake in Kezar Life Sciences

On April 1, 2026, Tang Capital Management, LLC, Kevin Tang, and affiliated entities filed a Schedule 13D/A regarding their holdings in Kezar Life Sciences, Inc. (KZR). The reporting persons disclosed beneficial ownership of 664,314 shares of common stock, representing a 9.0% stake in the issuer. This filing serves as an amendment to a previous Schedule 13D filed in October 2024. Significantly, the filing reports that on March 30, 2026, the reporting persons entered into a Tender and Support Agreement in connection with a Merger Agreement between Kezar Life Sciences and Aurinia Pharmaceuticals, Inc. Under this agreement, the reporting persons have agreed to tender all of their shares in support of the merger, subject to certain conditions. Additionally, Concentra Biosciences, LLC, an entity controlled by the reporting group, has formally rescinded its previous October 2024 proposal to acquire 100% of Kezar's equity. This transition from a hostile or independent acquisition attempt to supporting a third-party merger marks a major strategic shift for the reporting group.