Serial biotech investor Kevin Tang previously unsuccessfully tried to buy Kezar Life Sciences via Concentra Biosciences, a biotech consolidation company owned by the venture capital firm he runs.
In one of his first major acts as CEO of Aurinia Pharmaceuticals, Kevin Tang is circling back around to a previous target. The serial investor, known for buying out failing biotechs and shutting them down, is offering to buy Kezar Life Sciences, a biotech that his consolidation company Concentra Biosciences previously attempted to purchase.
Aurinia, which came under Tang’s control last week, has offered about $6.95 per share, which represents a deal value of about $50 million. Kezar currently has a market cap of about $47 million. The deal could close in the second quarter, according to a regulatory filing.
Tang originally targeted Kezar after four patients died in a clinical trial of zetomipzomib in lupus nephritis, eliciting an FDA clinical hold on multiple programs. The stock had been trading below a dollar for months prior to the deaths. Concentra, which is owned by Tang Capital Management, at which Tang serves as CEO, offered $1.10 per share.
The deal ultimately did not go through. Kezar has continued to struggle, conducting a strategic review and laying off a chunk of its workforce in November 2025. Earlier this month, Kezar sold its early stage pipeline to Enodia Therapeutics for $1 million upfront plus potential milestones totaling $127 million.
Meanwhile, Kezar has been trying to find agreement with the FDA to move zetomipzomib forward. The agency in January granted a new meeting to discuss a mid-stage trial of the drug in autoimmune hepatitis, slated to take place in the first quarter of this year.
But now, in steps Aurinia, fresh off its own transformation. Tang, via his Tang Capital Partners firm, already owned 9% of Kezar’s shares. These will be tendered to Aurinia if the transaction succeeds.
Tang has been a prolific biotech buyer through his various investment firms and shell companies like Concentra. That company was one of biopharma’s most prolific buyers in the first half of 2025.
Companies that come into Tang’s orbit do not typically last long. Tang and his team typically work fast to dismantle them, selling off any profitable pieces and returning some cash to shareholders, then reaping the remaining rewards.
Just like Kezar, Aurinia’s journey with Tang has been tumultuous. He joined the company’s board in 2024 while growing his stake, ultimately upping his ownership to 9.2% last month—enough to stage a remake of the C-suite. Tang himself took the CEO chair, replacing Peter Greenleaf, while other allies snagged other top leadership positions.
Last fall, the FDA’s George Tidmarsh drew Tang’s ire by posting on social media that Aurinia’s Lupkynis had “significant toxicity” and no clinical benefit. Tang filed a complaint with the agency and a lawsuit accusing Tidmarsh of a “longstanding personal vendetta against Kevin Tang.” Tidmarsh ultimately left the agency amid an investigation into his “personal conduct.”
