By Ben Glickman

FedEx said fiscal first-quarter profit rose from a year earlier and topped analysts' estimates. The shipping company's ongoing cost-cutting measures boosted margins, even as demand slipped. Shares rise 5.5% to $264.28 after hours.

Kezar Life Sciences agreed to allow Everest Medicines, a biopharmaceutical company, to develop and commercialize zetomipzomib in Greater China, South Korea and Southeast Asia. Under the agreement, Kezar may receive up to $132.5 million in total payments, plus tiered royalties. Shares rise 16% to $1.32 after hours.

Transcat said it would launch a public offering of its common stock. The industrial instruments maker didn't say how many shares it would sell, but noted it would use the proceeds to repay its credit facility, for working capital and for general corporate purposes. Shares sink 8.4% to $99.50 after hours.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

September 20, 2023 20:15 ET (00:15 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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