Full Press Release Details
Fortress Biotech Announces Agreement
to Sell Its Majority Stake in National Holdings Corporation to NHC Holdings, LLC, a wholly-owned subsidiary of B. Riley Financial
New York, NY - November
19, 2018 - Fortress Biotech, Inc. (NASDAQ: FBIO) ("Fortress"), a biopharmaceutical company dedicated
to acquiring, developing and commercializing novel pharmaceutical and biotechnology products, today announced that it
has entered into an agreement to sell its 56.1 percent majority stake of National Holdings Corporation (NASDAQ:
NHLD) ("National"), a leading full-service independent brokerage, investment banking, trading, insurance,
accounting and asset management firm, to NHC Holdings, LLC, a wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ:
RILY), a diversified provider of financial and business advisory services. Under the terms of the agreement, 24.0 percent of
National was sold in an initial closing on Friday, November 16 at $3.25 per share, with the remaining 32.1 percent stake to
be sold at the same per-share price following FINRA approval, for an aggregate purchase price totaling approximately $22.9
About Fortress Biotech
Fortress is a biopharmaceutical company
dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes
products both within Fortress and through certain subsidiary companies, also known as Fortress Companies. In addition to its internal
development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides
funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek
licensing arrangements, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide
additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com.
Forward-Looking Statements
This press release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934, as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product
development programs and any other statements that are not historical facts. Forward-looking statements are based on management's
current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial
condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include:
risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and
relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and
clinical testing; risks relating to the timing of starting and completing clinical trials; our dependence on third-party suppliers;
our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial
additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described
in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on
which any such statement is based, except as may be required by law.
Fortress Biotech, Inc.
Investor Relations Contact:
Managing Director, LifeSci Advisors, LLC
Media Relations Contact: