Tang Capital exits Kezar Life Sciences ownership
Tang Capital Management, Kevin Tang, and affiliated entities report that they no longer own any Kezar Life Sciences common stock.
Rhea-AI Filing Summary
Tang Capital Management, Kevin Tang, and affiliated entities report that they no longer own any Kezar Life Sciences common stock. This amendment to their Schedule 13D follows Kezar’s completed merger with Aurinia Pharma U.S., Inc. on May 11, 2026, after which each issued and outstanding Kezar share was cancelled and Kezar became a wholly owned subsidiary of Aurinia. As a result, the reporting persons’ aggregate beneficial ownership is 0 shares, representing 0% of the class, and they ceased to be beneficial owners of 5% or more of Kezar’s common stock as of that date.
Positive
- None.
Negative
- None.
Key Figures
Beneficial ownership: 0.00 shares
Percent of class: 0%
Merger closing date: May 11, 2026
+2 more
5 metrics
Beneficial ownership
0.00 shares
Each reporting person’s aggregate Kezar common stock holding
Percent of class
0%
Kezar common stock beneficially owned by each reporting person
Merger closing date
May 11, 2026
Date Kezar completed its merger with Aurinia Pharma U.S., Inc.
Ceased 5% ownership date
May 11, 2026
Date reporting persons ceased to be 5% beneficial owners
Signature date
May 13, 2026
Date Kevin Tang signed the amended Schedule 13D
Key Terms
beneficial owner, Schedule 13D, Merger Agreement, wholly owned subsidiary, +1 more
5 terms
beneficial owner financial
"The Reporting Persons ceased to be beneficial owners of 5% or more of the Issuer's Common Stock on May 11, 2026."
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Schedule 13D regulatory
"If the filing person has previously filed a statement on Schedule 13G to report the acquisition..."
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
Merger Agreement financial
"pursuant to the terms of the Merger Agreement, whereby Merger Sub merged with and into the Issuer..."
A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.
wholly owned subsidiary financial
"with the Issuer continuing as the surviving corporation and as a wholly owned subsidiary of Parent."
A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.
sole voting power financial
"Number of Shares Beneficially Owned by Each Reporting Person With: 7 | Sole Voting Power 0.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What does Tang Capital’s Schedule 13D/A say about its Kezar Life Sciences (KZR) holdings?
Tang Capital Management, Kevin Tang, and related entities report beneficial ownership of 0 shares of Kezar Life Sciences common stock, representing 0% of the class. This reflects their position after Kezar completed its merger with Aurinia Pharma U.S., Inc. and cancelled all outstanding shares.
What happened to Kezar Life Sciences (KZR) in the Aurinia merger?
Kezar Life Sciences completed a merger with Aurinia Pharma U.S., Inc. on May 11, 2026. Aurinia’s wholly owned subsidiary merged into Kezar, and Kezar continued as the surviving corporation and a wholly owned subsidiary of Aurinia, with each issued and outstanding Kezar common share cancelled.
When did Tang Capital cease to be a 5% beneficial owner of Kezar Life Sciences (KZR)?
The reporting persons state they ceased to be beneficial owners of 5% or more of Kezar’s common stock on May 11, 2026. That date corresponds to the closing of Kezar’s merger with Aurinia Pharma U.S., Inc., when all issued and outstanding Kezar common shares were cancelled.
AI-generated analysis. How Rhea-AI works. Not financial advice.
