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Kezar Life Sciences (KZR) Shareholder Kevin Tang Offers to Acquire 100% of Company for $1.10 Per Share Plus CVR

October 8, 2024 4:26 PM EDT
(Updated - October 8, 2024 4:27 PM EDT)

Kezar Life Sciences (NASDAQ: KZR) shareholder Tang Capital disclosed:

October 8, 2024


Board of Directors

Kezar Life Sciences, Inc.

4000 Shoreline Court, Suite 300

South San Francisco, California 94080

c/o Christopher Kirk, Ph.D. ([email protected])

Re: Non-Binding Acquisition Proposal

Dear Directors:

On behalf of Concentra Biosciences, LLC, I am pleased to submit this non-binding proposal to acquire 100% of the equity of Kezar Life Sciences, Inc. for $1.10 per share in cash, plus a contingent value right (“CVR”) 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.

Concentra has funds immediately available to execute this transaction. Furthermore, Concentra has the expertise and resources to maximize the value of the CVR for the benefit of Kezar shareholders. This may include, if appropriate, completing PORTOLA, an ongoing Phase 2a study of zetomipzomib in patients with autoimmune hepatitis.

Our proposal is subject to limited confirmatory due diligence. We would be prepared to provide a draft merger agreement within 10 days and believe that we could close the acquisition within 50 days of execution of a definitive merger agreement.

We look forward to discussing our proposal with you further and would appreciate a response by 5pm ET on October 18, 2024, at which point this offer will expire.

Sincerely,

Kevin Tang
Chief Executive Officer


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