Fortress Biotech Reports Third Quarter 2019 Financial Results and Recent Corporate Highlights New York, NY

Fortress Biotech Reports Third Quarter

2019 Financial Results and Recent Corporate Highlights

New York, NY - November 12, 2019

- Fortress Biotech, Inc. (NASDAQ: FBIO) ("Fortress"), an innovative biopharmaceutical company focused on identifying,

in-licensing and developing high-potential marketed and development-stage drugs and drug candidates, today announced financial

results and recent corporate highlights for the third quarter ended September 30, 2019.

Lindsay A. Rosenwald, M.D., Fortress'

Chairman, President and Chief Executive Officer, said, "We are very pleased with the progress made during the third quarter

of 2019 as we continue to focus on generating shareholder value in five distinct ways - through potential revenue and balance

sheet growth, monetizations, priority review vouchers and future sales royalties. We recently acquired and launched Ximino ,

the second prescription oral antibiotic for acne in our marketed dermatology portfolio, which we expect will enable us to continue

to grow the commercial side of our business. The last quarter of 2019 is expected to be marked by the achievement of additional

milestones, notably the anticipated filing of a New Drug Application ("NDA") for IV tramadol for post-surgical pain

Dr. Rosenwald continued, "We are

also pleased that MB-107, the lentiviral gene therapy for the treatment of X-linked severe combined immunodeficiency ("XSCID"),

also known as bubble boy disease, being developed by our partner company Mustang Bio, was granted the Regenerative Medicine Advanced

Therapy ("RMAT") designation by the U.S. Food and Drug Administration ("FDA"). We look forward to the presentation

of additional clinical data on MB-107 at the upcoming 61st ASH Annual Meeting and hope to achieve regulatory agreement

with the FDA later this year to potentially expedite the development and approval of this critically needed treatment option for

XSCID (bubble boy) patients. In addition, positive interim data for cosibelimab, an anti-PD-L1 antibody, were presented at the

European Society for Medical Oncology ("ESMO") Congress 2019. The ongoing Phase 1 clinical trial of cosibelimab could

support the submission of an initial Biologics License Application ("BLA") to the FDA. We are proud of our achievements

during the third quarter and are well positioned to build on the momentum in order to continue to execute on our business plan

into 2020 and beyond."

Recent Corporate Highlights1:

Marketed Dermatology Products

MB-107 (Lentiviral Gene Therapy for

Includes product candidates in development at Fortress, majority-owned and controlled partners and partners in which Fortress holds

significant minority ownership positions. As used herein, the words "we," "us" and "our" may

refer to Fortress individually or together with our affiliates and/or partners, as dictated by context.

Cosibelimab (formerly CK-301, anti-PD-L1

MB-101 (IL13R 2-targeted CAR

MB-103 (HER2-targeted CAR T cell therapy)

MB-105 (Prostate Stem Cell Antigen

(PSCA)-targeted CAR T cell therapy)

MB-106 (CD20-targeted CAR T cell therapy)

MB-108 (Oncolytic Virus C134)

About Fortress Biotech

Fortress Biotech, Inc. ("Fortress")

is an innovative biopharmaceutical company focused on identifying, in-licensing and developing high-potential marketed and development-stage

drugs and drug candidates. The company has five marketed prescription pharmaceutical products and over 25 programs in development

at Fortress, at its majority-owned and majority-controlled partners and at partners it founded and in which it holds significant

minority ownership positions. Such product candidates span six large-market therapeutic areas, including oncology, rare diseases

and gene therapy, which allow it to create value while mitigating risk for shareholders. Fortress advances its diversified pipeline

through a streamlined operating structure that fosters efficient drug development. The Fortress model is driven by a world-class

business development team that is focused on leveraging its significant biopharmaceutical industry expertise to further expand

the company's portfolio of product opportunities. Fortress has established partnerships with some of the world's leading

academic research institutions and biopharmaceutical companies to maximize each opportunity to its full potential, including Alexion

Pharmaceuticals, Inc., City of Hope, Fred Hutchinson Cancer Research Center, InvaGen Pharmaceuticals Inc. (a subsidiary of Cipla

Limited) and St. Jude Children's Research Hospital. 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. As used below and throughout this press release, the words "we", "us" and "our"

may refer to Fortress individually or together with one or more partner companies, as dictated by context. 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. The information contained herein is intended to be reviewed in its totality, and any stipulations,

conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying

mutatis mutandis to every other instance of such information appearing herein.

Jaclyn Jaffe and William Begien

Fortress Biotech, Inc.

Investor Relations Contact:

LifeSci Advisors, LLC

Media Relations Contact:

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

($ in thousands except for share and per share amounts)

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of

($ in thousands except for share and