Tang Capital Management Exits Kezar Life Sciences Following Merger with Aurinia Pharma

Tang Capital Management, LLC and its affiliates, including Kevin Tang and Concentra Biosciences, LLC, filed an amendment to Schedule 13D on May 13, 2026, reporting the full exit of their position in Kezar Life Sciences, Inc. (KZR). The liquidation of holdings resulted from the completion of a merger on May 11, 2026, between Kezar Life Sciences and Aurinia Pharma U.S., Inc. (Parent), a wholly-owned subsidiary of Aurinia Merger Sub, Inc. Under the terms of the Merger Agreement, Kezar Life Sciences became a wholly-owned subsidiary of Aurinia Pharma U.S., and all issued and outstanding shares of Kezar's Common Stock were cancelled. Consequently, the reporting persons ceased to be beneficial owners of more than 5% of the issuer's common stock. The filing confirms that as of the event date, the reporting group holds zero shares and 0% ownership in the surviving entity. This transaction marks the final disposition of the group's investment in Kezar following the corporate acquisition.