Fortress Biotech Reduces Total Debt and Enters into New $35 Million Term Loan with Oaktree with Maturity in 2027

Core Insights - Fortress Biotech, Inc. has entered into a new loan agreement with Oaktree Capital Management for up to $50 million, which includes an initial tranche of $35 million and an additional $15 million available at Oaktree's discretion [10][11] - The new loan agreement allows Fortress to repay a prior $50 million term loan and provides improved capital flexibility with a maturity date of July 2027 [5][11] - Fortress is focused on acquiring and advancing biopharmaceutical assets to enhance long-term shareholder value, with a portfolio that includes seven marketed products and over 20 programs in development across various therapeutic areas [3][10] Company Overview - Fortress Biotech is an innovative biopharmaceutical company that aims to enhance long-term value for shareholders through product revenue, equity holdings, and dividend and royalty revenue [3][10] - The company has established partnerships with leading academic institutions and biopharmaceutical companies, including AstraZeneca and Fred Hutchinson Cancer Center, to maximize its product opportunities [3] - Fortress is actively developing its portfolio in therapeutic areas such as oncology, dermatology, and rare diseases [3] Financial and Strategic Developments - The new loan agreement is expected to provide financial flexibility for Fortress to support long-term expansion and business development activities [5][10] - Fortress anticipates receiving up to three regulatory approvals on New Drug Applications (NDAs) and Biologics License Applications (BLAs) within the next 12 months, with a potential fourth BLA filing as early as 2025 [5] - Oaktree has committed nearly $4.0 billion across 35 investments in the life sciences sector since 2020, indicating a strong partnership with Fortress [6]