TZ Rejects Non-Binding Offer for US Unit Telezygology

TZ Limited has rejected a non-binding and indicative offer to acquire its US unit, Telezygology. TZ offers solutions for asset and space management, including smart lockers for IT asset management and secure personal employee storage. Its segments include Australia, USA, EMEA, Asia, and Other. The company operates through subsidiaries such as Telezygology Inc., TZI Australia Pty Limited, TZI Singapore Pte Ltd, and TZI UK Limited.

Fortress Biotech Inc. (NASDAQ: FBIO) stock experienced a 3.3% climb on Tuesday following the company's announcement that a treatment developed by one of its subsidiaries has advanced into Phase 3 clinical trials for gout. Urica Therapeutics, a majority-owned subsidiary of Fortress, revealed that Crystalys Therapeutics has initiated two global Phase 3 studies to evaluate the safety and efficacy of dotinurad, a once-daily oral URAT1 inhibitor designed to treat gout Fortress Biotech shares rise after Phase 3 launch of gout treatment^[1].

The trials, named RUBY and TOPAZ, will assess dotinurad against allopurinol in adults with hyperuricemia linked to gout and tophaceous gout, respectively. Lindsay A. Rosenwald, Fortress’ Executive Chairman, President, and CEO, noted that this advancement marks a significant step forward in potentially expediting the development and regulatory approval of dotinurad in the United States and Europe for millions of people suffering from gout.

This achievement follows a series of strategic wins for Fortress Biotech, including two FDA approvals for Emrosi and UNLOXCYT, and the acquisition of its subsidiary Checkpoint Therapeutics by Sun Pharmaceutical Industries for approximately $355 million upfront plus a potential $60 million contingent value right.

In addition to its recent successes, Fortress Biotech continues to explore strategic options to enhance its portfolio and market position. The company’s stock price has shown resilience and growth, reflecting investor confidence in its pipeline and strategic initiatives.