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Section 1: 8-K (FORM 8-K)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): February 11, 2019

 

Fortress Biotech, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-35366   20-5157386
(State or Other Jurisdiction
of Incorporation) 
  (Commission File Number)    (IRS Employer
Identification No.) 

 

2 Gansevoort Street, 9th Floor

New York, New York 10014

(Address of Principal Executive Offices)

 

(781) 652-4500

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act.
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
   
¨ Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act.
   
¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 

 

 

 

 

 

 

Item 2.01 Completion of Acquisition or Disposition of Assets.

 

On February 11, 2019, FBIO Acquisition, Inc. (“FBIO Acquisition”), a wholly-owned subsidiary of Fortress Biotech, Inc. (the “Company”), completed the previously-announced sale of its remaining holdings of National Holdings Corporation (“NHLD”) shares of common stock to NHC Holdings, LLC (“Purchaser”), a wholly-owned subsidiary of B. Riley FBR, Inc., for $3.25 per share, pursuant to the terms of the stock purchase agreement dated November 14, 2018 (the “Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, Purchaser, along with two other minority purchaser designees, collectively purchased the remaining NHLD shares held by FBIO Acquisition for an aggregate price of $13,089,141.00.

 

The Purchase Agreement contains normal and customary representations and warranties. As of this filing, FBIO Acquisition and its parent, the Company, own no shares of NHLD common stock.

 

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which was filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on November 14, 2018, and is incorporated herein by reference.

 

Item 8.01 Other Events.

 

On February 12, 2019, the Company issued a press release to announce the second closing of the sale of the NHLD shares under the Purchase Agreement. A copy of such press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

 

Item 9.01.Financial Statements and Exhibits.

 

(b) Pro Forma Financial Information.

 

The financial statements of the Company required by this item are filed as Exhibit 99.2 to this Current Report on Form 8-K, and are incorporated by reference herein.

 

(d) Exhibits.

 

The following exhibits are filed herewith:

 

Exhibit
Number
  Description
99.1   Press release issued by Fortress Biotech, Inc., dated February 12, 2019.
     
99.2   Unaudited pro forma financial statements of Fortress Biotech, Inc.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Fortress Biotech, Inc.
  (Registrant)
Date: February 15, 2019  
  By:   /s/ Lindsay A. Rosenwald, M.D.
    Lindsay A. Rosenwald, M.D.
    Chairman, President and Chief Executive Officer

 

 

 

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

 

Exhibit 99.1

 

 

Fortress Biotech Completes Final Stage Closing of the Sale of its Remaining Shares of National Holdings Corporation

 

New York, NY – February 12, 2019 – Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), an innovative biopharmaceutical company focused on identifying, in-licensing and developing high-potential clinical-stage assets, today announced that on February 11, 2019, it completed the second and final stage of the previously-announced sale of its remaining holdings of National Holdings Corporation (“NHLD”) shares of common stock to B. Riley FBR, Inc. (“B. Riley”), for $3.25 per share, pursuant to the terms of the stock purchase agreement dated November 14, 2018 (the “Purchase Agreement”). B. Riley, along with two other minority purchaser designees, collectively purchased the remaining NHLD shares held by Fortress for an aggregate price of approximately $13.1 million ($22.9 million across the entire transaction).

 

About Fortress Biotech

Fortress Biotech is an innovative biopharmaceutical company focused on identifying, in-licensing and developing high-potential clinical-stage assets. The company has over 25 programs in clinical development at Fortress, at its majority-owned and majority-controlled subsidiaries and at entities 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), St. Jude Children’s Research Hospital and UCL Business PLC. 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.

 

 

 

 

Company Contact:

Jaclyn Jaffe and William Begien

Fortress Biotech, Inc.

(781) 652-4500

ir@fortressbiotech.com

 

Investor Relations Contact:

Jeremy Feffer

Managing Director, LifeSci Advisors, LLC

(212) 915-2568

jeremy@lifesciadvisors.com

 

Media Relations Contact:

Tony Plohoros

6 Degrees

(908) 940-0135

tplohoros@6degreespr.com

 

 

 

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Section 3: EX-99.2 (EXHIBIT 99.2)

 

Exhibit 99.2

 

UNAUDITED PRO FORMA CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

  

Background

 

On February 11, 2019, FBIO Acquisition, Inc. (“FBIO Acquisition”), a wholly-owned subsidiary of Fortress Biotech, Inc. (the “Company”), completed the previously-announced sale of its remaining holdings of National Holdings Corporation (“NHLD”) shares of common stock to NHC Holdings, LLC (“Purchaser”), a wholly-owned subsidiary of B. Riley FBR, Inc., for $3.25 per share (the “Transaction”), pursuant to the terms of the stock purchase agreement dated November 14, 2018 (the “Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, Purchaser, along with two other minority purchaser designees, collectively purchased the remaining 32.1 percent of NHLD shares held by FBIO Acquisition for an aggregate price of $13,089,141.00.

 

Pro Forma Information

 

The accompany unaudited pro forma condensed consolidated statements of the Company for the year ended December 31, 2016, is presented as if the Transaction occurred from the acquisition date of NHLD, on September 9, 2016, through December 31, 2016. The accompanying unaudited pro forma condensed consolidated statement of operations of the Company for the year ended December 31, 2017 is presented as if the Transaction had occurred on January 1, 2017. The accompanying unaudited pro forma condensed consolidated statement of operations of the Company for the nine months ended September 30, 2018 and the condensed consolidated balance sheet of the Company as of September 30, 2018 are presented as if the Transaction had occurred on January 1, 2018 and September 30, 2018, respectively. The pro forma adjustments related to the Transaction do not reflect the final purchase price or final asset and liability balances of NHLD. Accordingly, the pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed consolidated financial information. The unaudited pro forma financial information is not necessarily indicative of the results of operations or financial position that might have been achieved for the dates or periods indicated, nor is it necessarily indicative of the results of operations or financial position that may occur in the future. Since the Company’s aquisition of NHLD occurred during 2016, no pro forma statements are presented for the year ended December 31, 2015.

 

The historical consolidated financial information has been adjusted in the unaudited pro forma financial information to give effect to pro forma events that are (1) directly attributable to the disposal, (2) factually supportable, and (3) with respect to the statements of operations, expected to have a continuing impact on the combined results. The pro forma information does not reflect several changes the Company expects to realize after the Transaction because the changes are not certain.

 

The following is a brief description of the amounts recorded under each of the column headings in the unaudited pro forma consolidated statements of operations and balance sheet:

 

Total Consolidated

 

This column reflects the Company’s historical audited operating results for the years ended December 31, 2016 and 2017 respectively, and the historical and unaudited operating results and financial condition as of and for the nine months ended September 30, 2018 prior to any adjustment for the Transaction.

 

Disposal

 

This column reflects the elimination of the historical operating results of NHLD for the period of September 9, 2016 through December 31, 2016, the year ended December 31, 2017, and the nine months ended September 30, 2018 at the amounts that have been reflected in the Company’s condensed consolidated statements of operations for those periods. The disposal column on the unaudited pro forma condensed consolidated balance sheet as of September 30, 2018 reflects the value of assets and liabilities included in NHLD as of that date.

 

Intercompany Adjustments

 

This column reflects the elimination of intercompany transactions between FBIO and NHLD for the period presented, which includes the elimination of fees for financings, in which NHLD acted as the placement agent.

 

Pro Forma Adjustments

 

This column on the unaudited pro forma condensed consolidated balance sheet reflects the pro forma effect of the receipt and use of the cash consideration from the Transaction.

 

  

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Pro Forma Condensed Consolidated Balance Sheet

September 30, 2018

(Unaudited)

(in thousands, except share data)

 

   Total       Intercompany   Pro Forma        
   Consolidated   Disposal   Adjustments   Adjustments   Notes  Pro Forma 
ASSETS                            
Current assets                            
Cash and cash equivalents  $95,867   $(19,961)  $-   $22,722    (a) (b)  $98,628 
Accounts receivable   5,431    -    -    -       5,431 
Short-term investment (certificate of deposit)   22,538    -    -    -       22,538 
Cash deposits with clearing organizations   336    (336)   -    -    (b)   - 
Receivables from broker-dealers and clearing organizations   11,884    (11,884)   -    -    (b)   - 
Forgivable loans receivable   1,610    (1,610)   -    -    (b)   - 
Securities owned, at fair value   6,675    (8,593)   1,918    -    (b)   - 
Inventory   674    -    -    -       674 
Other receivables - related party   414    -    -    -       414 
Prepaid expenses and other current assets   14,089    (5,929)   -    -    (b)   8,160 
Total current assets   159,518    (48,313)   1,918    22,722       135,845 
                             
Property and equipment, net   14,642    (2,532)   -    -    (b)   12,110 
Restricted cash   17,358    (1,352)   -    -    (b)   16,006 
Goodwill   18,645    (18,645)  -   -    (b)   - 
Intangible assets   13,935    (12,285)  -   -    (b)   1,650 
Other assets   821    (419)   -    -    (b)   402 
Total assets  $224,919   $(83,546)  $1,918  $22,722      $166,013 
                             
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Current liabilities                            
Accounts payable and accrued expenses  $36,577   $(6,703)  $-   $-    (b)  $29,874 
Accounts payable and accrued expenses - related party   153    -    -    -       153 
Accrued commissions and payroll payable   11,974    (11,974)   -    -    (b)   - 
Contingent consideration payable   768    (768)   -    -    (b)   - 
Deferred clearing and marketing credits   629    (629)   -    -    (b)   - 
Securities sold, not yet purchased at fair value   24    (24)   -    -    (b)   - 
Other current liabilities   77    (77)   -    -    (b)   - 
Deferred revenue   155    (155)   -    -    (b)   - 
Interest payable   613    -    -    -       613 
Interest payable - related party   94    -    -    -       94 
Notes payable, short-term   9,054    -    -    -       9,054 
Subsidiary convertible note, short-term, at fair value   10,657    -    -    -       10,657 
Derivative liabilities   -    -    196    -       196 
Total current liabilities   70,775    (20,330)   196    -       50,641 
                             
Notes payable, long-term   64,546    -    (4,552)   -       59,994 
Other long-term liabilities   4,961    -    -    -       4,961 
Total liabilities   140,282    (20,330)   (4,356)   -       115,596 
                             
Commitments and contingencies                            
                             
Stockholders' equity                            
Convertible Preferred stock, $.001 par value, Series A   1    -    -    -       1 
Common Stock, $.001 par value   56    (249)   249    -    (b)   56 
Common stock issuable   495    -    -    -       495 
Additional paid-in-capital   408,615    (101,054)   50,223    20,610    (a) (b)   378,394 
Accumulated deficit   (371,394)   38,102    (30,753)   2,112   (b)   (361,933)
Total stockholders' equity attributed to the Company   37,773    (63,201)   19,719    22,722  -   17,013 
                             
Non-controlling interests   46,864    (15)   (13,445)   -    (b)   33,404 
Total stockholders' equity   84,637    (63,216)   6,274    22,722      50,417 
Total liabilities and stockholders' equity  $224,919   $(83,546)  $1,918  $22,722     $166,013 

   

 

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Pro Forma Condensed Consolidated Statement of Operations

(Unaudited)

(in thousands, except share and per share data)

 

   For the Year Ended December 31, 2016 
   Total       Intercompany     
   Consolidated   Disposal   Adjustments   Pro Forma 
Revenue                
Fortress                    
Product revenue, net  $3,587   $-   $-   $3,587 
Revenue - from a related party   2,570    -    -    2,570 
Net Fortress revenue   6,157    -    -    6,157 
                     
National                    
     Commissions   5,388    (5,388)   -    - 
     Net dealer inventory gains   253    (253)   -    - 
     Investment banking   2,829    (4,076)   1,247    - 
     Investment advisory   904    (904)   -    - 
     Interest and dividends   155    (155)   -    - 
     Transfer fees and clearing services   386    (386)   -    - 
     Tax preparation and accounting   338    (338)   -    - 
     Other   70    (70)   -    - 
Total National revenue   10,323    (11,570)   1,247    - 
Net revenue   16,480    (11,570)   1,247    6,157 
                     
Operating expenses                    
Fortress                    
Cost of goods sold - product revenue   790    -    -    790 
Research and development   29,602    -    -    29,602 
Research and development – licenses acquired   5,532    -    -    5,532 
General and administrative   34,003    -    -    34,003 
Total Fortress operating expenses   69,927    -    -    69,927 
                     
National                    
Commissions, compensation and fees   10,414    (10,414)   -    - 
Clearing fees   144    (144)   -    - 
Communications   177    (177)   -    - 
Occupancy   193    (193)   -    - 
Licenses and registration   147    (147)   -    - 
Professional fees   327    (327)   -    - 
Interest   1    (1)   -    - 
Depreciation and amortization   545    (78)   (467)   - 
Other administrative expenses   315    (1,209)   894    - 
Total National operating expenses   12,263    (12,690)   427    - 
Total operating expenses   82,190    (12,690)   427    69,927 
Loss from operations   (65,710)   1,120    820    (63,770)
                     
Other income (expenses)                    
Interest income   298    -    -    298 
Interest expense and financing fee   (3,690)   -    -    (3,690)
Change in fair value of derivative liabilities   (1,039)   -    953    (86)
Change in fair value of subsidiary convertible note   (78)   -    -    (78)
Change in fair value of investments   (1,071)   -    -    (1,071)
Other income (loss)   -    -    -    - 
Total other expenses   (5,580)   -    953    (4,627)
Income (loss) before income taxes   (71,290)   1,120    1,773    (68,397)
Income tax expense (benefit)   -    2,916    (2,916)   - 
Net (loss) income   (71,290)   4,036    (1,143)   (68,397)
Less: net loss attributable to non-controlling interests   (16,195)   621    -    (15,574)
Net loss attributable to common stockholders  $(55,095)  $3,415   $(1,143)  $(52,823)
                     
Basic and diluted net loss per share  $(1.38)            $(1.32)
Weighted average common shares outstanding - basic and diluted   39,962,657              39,962,657 

 

 

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Pro Forma Condensed Consolidated Statement of Operations

(Unaudited)

(in thousands, except share and per share data)

 

   For the Year Ended December 31, 2017 
   Total       Intercompany     
   Consolidated   Disposal   Adjustments   Pro Forma 
Revenue                    
Fortress                    
Product revenue, net  $15,520   $-   $-   $15,520 
Revenue - from a related party   1,725    -    -    1,725 
Net Fortress revenue   17,245    -    -    17,245 
                     
National                    
Commissions   96,807    (96,807)   -    - 
Net dealer inventory gains   15,108    (15,108)   -    - 
Investment banking   25,064    (44,595)   19,531    - 
Investment advisory   14,528    (14,528)   -    - 
Interest and dividends   2,764    (2,764)   -    - 
Transfer fees and clearing services   7,393    (7,393)   -    - 
Tax preparation and accounting   7,439    (7,439)   -    - 
Other   1,236    (1,236)   -    - 
Total National revenue   170,339    (189,870)   19,531    - 
Net revenue   187,584    (189,870)   19,531    17,245 
                     
Operating expenses                    
Fortress                    
Cost of goods sold - product revenue   3,658    -    -    3,658 
Research and development   48,322    -    -    48,322 
Research and development – licenses acquired   4,164    -    -    4,164 
General and administrative   50,897    -    -    50,897 
Total Fortress operating expenses   107,041    -    -    107,041 
                     
National                    
Commissions, compensation and fees   155,187    (155,187)   -    - 
Clearing fees   2,343    (2,343)   -    - 
Communications   2,767    (2,767)   -    - 
Occupancy   4,286    (4,286)   -    - 
Licenses and registration   1,726    (1,726)   -    - 
Professional fees   4,531    (4,531)   -    - 
Interest   14    (14)   -    - 
Depreciation and amortization   2,089    (1,229)   (860)   - 
Other administrative expenses   8,808    (9,819)   1,011    - 
Total National operating expenses   181,751    (181,902)   151    - 
Total operating expenses   288,792    (181,902)   151    107,041 
Loss from operations   (101,208)   (7,968)   19,380    (89,796)
                     
Other income (expenses)                    
Interest income   819    -         819 
Interest expense and financing fee   (5,860)   -    (1,827)   (7,687)
Change in fair value of derivative liabilities   8,391    (8,458)   (304)   (371)
Change in fair value of subsidiary convertible note   (457)   -    -    (457)
Change in fair value of investments   226    -    -    226 
Other income (loss)   (234)   (16)   3    (247)
Total other expenses   2,885    (8,474)   (2,128)   (7,717)
Income (loss) before income taxes   (98,323)   (16,442)   17,252    (97,513)
Income tax expense (benefit)   (1,513)   4,051    (2,538)   - 
Net (loss) income   (99,836)   (12,391)   14,714    (97,513)
Less: net loss attributable to non-controlling interests   (32,960)   1,216    -    (31,744)
Net loss attributable to common stockholders  $(66,876)  $(13,607)  $14,714   $(65,769)
                     
Basic and diluted net loss per share  $(1.61)            $(1.58)
Weighted average common shares outstanding - basic and diluted   41,658,733              41,658,733 

 

 

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Pro Forma Condensed Consolidated Statement of Operations

(Unaudited)

(in thousands, except share and per share data)

 

   For the Nine Months Ended September 30, 2018 
   Total       Intercompany     
   Consolidated   Disposal   Adjustments   Pro Forma 
Revenue                
Fortress                
Product revenue, net  $17,366   $-   $-   $17,366 
Revenue - from a related party   525    -    -    525 
Net Fortress revenue   17,891    -    -    17,891 
                     
National                    
Commissions   85,422    (85,422)   -    - 
Net dealer inventory gains   5,601    (2,402)   (3,199)   - 
Investment banking   43,012    (48,042)   5,030    - 
Investment advisory   15,811    (15,811)   -    - 
Interest and dividends   2,003    (2,003)   -    - 
Transfer fees and clearing services   5,680    (5,680)   -    - 
Tax preparation and accounting   6,835    (6,835)   -    - 
Other   697    (697)   -    - 
Total National revenue   165,061    (166,892)   1,831    - 
Net revenue   182,952    (166,892)   1,831    17,891 
                     
Operating expenses                    
Fortress                    
Cost of goods sold - product revenue   4,546    -    -    4,546 
Research and development   58,528    -    -    58,528 
Research and development – licenses acquired   3,804    -    -    3,804 
General and administrative   38,788    -    -    38,788 
Total Fortress operating expenses   105,666    -    -    105,666 
                     
National                    
Commissions, compensation and fees   141,462    (141,462)   -    - 
Clearing fees   1,772    (1,772)   -    - 
Communications   2,429    (2,429)   -    - 
Occupancy   2,834    (2,834)   -    - 
Licenses and registration   2,028    (2,028)   -    - 
Professional fees   3,047    (3,047)   -    - 
Interest   30    (30)   -    - 
Underwriting costs   230    (230)   -    - 
Depreciation and amortization   2,587    (1,145)   (1,442)   - 
Other administrative expenses   5,839    (5,839)   -    - 
Total National operating expenses   162,258    (160,816)   (1,442)   - 
Total operating expenses   267,924    (160,816)   (1,442)   105,666 
Loss from operations   (84,972)   (6,076)   3,273    (87,775)
                     
Other income (expenses)                    
Interest income   841    -    -    841 
Interest expense and financing fee   (6,455)   -    (1,192)   (7,647)
Change in fair value of derivative liabilities   87    -    -    87 
Change in fair value of warrants   (8,018)   11,194    (3,149)   27 
Change in fair value of subsidiary convertible note   26    -    -    26 
Change in fair value of investments   (1,390)   -    -    (1,390)
Other income (loss)   (258)   (90)   15    (333)
Total other expenses   (15,167)   11,104    (4,326)   (8,389)
Income (Loss) before Income Taxes   (100,139)   5,028    (1,053)   (96,164)
Income tax expense (benefit)   2,382    (4,452)   2,070    - 
Net (loss) income   (102,521)   9,480    (3,123)   (96,164)
Less: net loss attributable to non-controlling interests   (43,254)   2,345    -    (40,909)
Net loss attributable to common stockholders  $(59,267)  $7,135   $(3,123)  $(55,255)
                     
Basic and diluted net loss per share  $(1.36)            $(1.27)
Weighted average common shares outstanding - basic and diluted   43,578,763              43,578,763 

 

 

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Notes to Pro Forma Condensed Consolidated Financial Information

(Unaudited)

(in thousands)

 

(a) Total consideration for the Transaction is as follows:    
  Cash payout  $22,872 
  Transaction fees   (150)
     $22,722 
        
(b) The gain on the Transaction is as follows:     
  Total consideration  $22,722 
  Total assets sold   (58,756)
  Total liabilities assumed   24,686 
  Non-controlling interests   13,460 
  Net gain on transaction  $2,112 

 

 

 

 

 

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