董事会拒绝Concentra收购要约后，Kezar股价下跌9%

Shares of Kezar Life Sciences (NASDAQ:KZR) fell 9% Thursday after the company said its board of directors had unanimously rejected an unsolicited takeover offer from Concentra Biosciences and adopted a stockholders rights plan.

Last week, Concentra offered to acquire all of Kezar’s (KZR) outstanding stock for $1.10 per share in cash, plus a contingent value right that represented the right to receive 80% of the net proceeds from the out-licensing or sale of Kezar's (KZR) programs or intellectual property.

Kezar (KZR) said Thursday that after reviewing the offer with its advisors, its board has determined the proposal “substantially undervalues” the company.  It added that the offer implies an equity value for Kezar shareholders that is below the company’s available liquidity and fails to adequately value the potential of its drug candidate zetomipzomib, according to a statement.

Kezar added that in response to the offer and the “rapid” accumulation of 9.9% of Kezar’s stock by Concentra and its affiliates, it has immediately adopted a limited duration stockholders rights plan.

“Kezar continues to experience a significant and ongoing dislocation in the trading price of its common stock which does not reflect its fundamental value,” said Kezar Chairman Graham Cooper, in the statement. “We intend the rights plan to enable all of our stockholders to realize the long-term value of their investment.”

In connection with the shareholders rights plan, Kezar’s board also declared a dividend of one preferred share purchase right for each outstanding share of Kezar common stock, subject to certain restrictions. The dividend is payable to shareholders of record as of Oct. 28.