other material
confidence high
sentiment neutral
materiality 0.65
Fortress Biotech's Urica sells gout drug dotinurad to Crystalys for 35% equity and 3% royalty
Fortress Biotech, Inc.
- Urica sold its URAT1 inhibitor dotinurad (gout treatment) and related IP to Crystalys Therapeutics.
- Urica received 35% of Crystalys' outstanding equity; cannot be diluted below 15% until Crystalys raises $150M in equity.
- Urica gets a securitized 3% royalty on future net sales of dotinurad plus nominal cost reimbursements.
- Urica has the right to appoint one director and one board observer to Crystalys' board.
- Crystalys must use commercially reasonable efforts to develop and commercialize dotinurad.