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Kezar Life Sciences (NASDAQ: KZR) ends S-3, pays $6.955 per share

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
POS AM

Rhea-AI Filing Summary

Kezar Life Sciences, Inc. effected a post-effective amendment to terminate its Form S-3 registration statement following a merger. On May 11, 2026, the company was acquired and each outstanding common share was converted into $6.955 in cash plus one non-transferable contractual contingent value right.

The amendment removes from registration all unsold securities previously registered under Registration No. 333-284712 and terminates the effectiveness of that registration statement in accordance with the Registrant’s prior undertaking.

Positive

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Negative

  • None.

Insights

Post-closing deregistration follows a completed merger and cash-out of common shares.

The filing is a formal post-effective amendment that removes unsold securities from S-3 Registration No. 333-284712 after the Merger closed on May 11, 2026. It records that each share converted into $6.955 cash and one contractual contingent value right.

Key dependencies are the Merger Agreement terms and the mechanics for distribution of cash and contingent value rights; timing and cash‑flow recipients are described by the merger terms in the excerpt.

Registration number 333-284712 Form S-3 referenced in the post-effective amendment
Cash consideration per share $6.955 Amount paid for each common share in the Merger on May 11, 2026
Common stock par value $0.001 per share Par value of common stock as stated in the filing
Post-Effective Amendment regulatory
"DEREGISTRATION OF SECURITIES This Post-Effective Amendment (the “Post-Effective Amendment”)"
A post-effective amendment is an official update to a securities registration document filed after that document has become effective with regulators; it corrects, adds or replaces information about the securities, the company, or an offering. Investors care because it keeps the legal record current and can change what is being sold or the rights attached to shares — like getting a revised product manual after a launch that may affect value or use.
contingent value right financial
"converted into the right to receive (i) $6.955 per Share in cash and (ii) one non-transferable contractual contingent value right"
A contingent value right is a special security that gives its holder the right to receive one or more future payments only if specified events happen, such as a product reaching a sales target or getting regulatory approval. It matters to investors because it offers potential extra payout tied to uncertain outcomes—like a bet that a project will succeed—so it can add upside to a deal while also carrying extra risk and valuation uncertainty.
Registration Statement regulatory
"Registration Statement No. 333-284712 FORM S-3 REGISTRATION STATEMENT"
A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.
As filed with the Securities and Exchange Commission on May 11, 2026

Registration No. 333-284712


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 Post-Effective Amendment No. 1 to Form S-3 Registration Statement No. 333-284712

FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933


 
KEZAR LIFE SCIENCES, INC.
(Exact Name of Registrant as Specified in Its Charter)


Delaware
 
47-3366145
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification No.)

4000 Shoreline Court, Suite 300
South San Francisco, California 94080
(Address of Principal Executive Offices, including Zip Code)

Michael Hearne
Chief Financial Officer
Kezar Life Sciences, Inc.
77 Upper Rock Circle, Suite 700
Rockville, Maryland 20850
(250) 744-2487
(Name, Address and Telephone Number, including Area Code, of Agent for Service)

Copies to:

Andrew Marmer
Jared Fertman
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000

Bill Roegge
Rita Sobral
Cooley LLP
55 Hudson Yards
New York, NY 10001-2157
(212) 479-6000
(Name, address, and telephone number, including area code, of agent for service)

Approximate date of commencement of proposed sale to the public: Not applicable.
 
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.  ☐
 
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.  ☐
 
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐
 
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐
 
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.  ☐
 
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 431(b) under the Securities Act, check the following box.  ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
   
Emerging growth company



DEREGISTRATION OF SECURITIES

This Post-Effective Amendment (the “Post-Effective Amendment”) filed by Kezar Life Sciences, Inc., a Delaware corporation (the “Registrant”), relates to the following Registration Statement on Form S-3 (the “Registrations Statement”):


1.
Registration Statement No. 333-284712, registering the sale of up to $400,000,000 of Common Stock offered by the Registrant, which was filed with the Securities and Exchange Commission on February 5, 2025 and declared effective on February 10, 2025.

On March 30, 2026, the Registrant entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Aurinia Pharma U.S., Inc., a Delaware corporation (“Parent”), and Aurinia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, on May 11, 2026, Merger Sub was merged with and into the Registrant with the Registrant surviving as a wholly owned subsidiary of Parent (the “Merger”). In the Merger, each share of common stock, par value $0.001 per share, of the Company (the “Shares”) (other than (i) Shares owned or held in the Company’s treasury immediately prior to the Effective Time, (ii) Shares owned directly or indirectly by Parent or Merger Sub immediately prior to the Effective Time and (iii) Shares held by any stockholder of the Registrant who properly exercised appraisal rights under Delaware law) was converted into the right to receive (i) $6.955 per Share in cash and (ii) one non-transferable contractual contingent value right for each Share.

As a result of the Merger, the Registrant has terminated all offerings of its securities pursuant to the Registration Statement. In accordance with an undertaking made by the Registrant in the Registration Statement to remove from registration, by means of a post-effective amendment, any of the securities that had been registered for issuance or resale that remain unsold at the termination of the offerings, the Registrant hereby removes from registration all such securities registered under the Registration Statement that remain unsold as of the date hereof and terminates the effectiveness of the Registration Statement.


SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing these Post-Effective Amendments to the Registration Statements and has duly caused these Post-Effective Amendments to the Registration Statements to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rockville, State of Maryland, on May 11, 2026. No other person is required to sign these Post-Effective Amendments to the Registration Statements in reliance on Rule 478 of the Securities Act of 1933, as amended.


KEZAR LIFE SCIENCES, INC.

 

By: /s/ Michael Hearne

Name: Michael Hearne
 
Title: Chief Financial Officer



FAQ

What did Kezar Life Sciences (KZR) file in this post-effective amendment?

The company filed a post-effective amendment to terminate its Form S-3 registration statement. The filing removes from registration all unsold securities under Registration No. 333-284712 following the Merger that closed on May 11, 2026.

How were Kezar common shares treated in the merger announced in the filing?

Each outstanding common share was converted into $6.955 in cash plus one contractual contingent value right. The conversion excluded treasury shares, Parent-held shares, and shares of appraisal-rights stockholders.

Does the amendment state the Registration Statement was terminated?

Yes. The amendment expressly removes unsold securities from registration and terminates the effectiveness of Registration No. 333-284712 in accordance with the Registrant’s undertaking in the registration statement.

What is a contractual contingent value right mentioned in the filing?

A contractual contingent value right is a non-transferable right tied to future contingent payments. The filing states one such right was issued per Share in addition to the $6.955 cash payment per Share.

Were any proceeds or uses of proceeds described in the post-effective amendment?

The amendment does not describe proceeds or uses of proceeds. It states that each Share converted into $6.955 cash and one contingent value right as part of the Merger consideration.