Penny Stock Kezar Life Sciences Rejects Acquisition Deal From Concentra Biosciences At $1.10/Share, Shelves Mid-Stage Lupus Nephritis Study
Portfolio Pulse from Vandana Singh
Kezar Life Sciences (NASDAQ:KZR) has terminated its Phase 2b trial for lupus nephritis due to safety concerns and will focus on autoimmune hepatitis. The FDA placed a hold on their lupus nephritis drug after fatal events. Kezar rejected a $1.10/share acquisition offer from Concentra Biosciences, citing undervaluation. KZR stock fell 8.48% to $0.82.
October 17, 2024 | 5:37 pm
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Kezar Life Sciences terminated its lupus nephritis trial due to safety issues and will focus on autoimmune hepatitis. The FDA placed a hold on their drug after fatal events. Kezar rejected a $1.10/share acquisition offer from Concentra, citing undervaluation. KZR stock fell 8.48% to $0.82.
The termination of the lupus nephritis trial due to safety concerns and the FDA hold are significant negative developments. The rejection of the acquisition offer suggests the company believes in its long-term value, but the immediate market reaction was negative, as reflected in the stock price drop.
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