Fortress Biotech to price series A cumulative redeemable preferreds

By Devika Patel

Knoxville, Tenn., Nov. 1 – Fortress Biotech Inc. will sell series A cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission. There is a 30-day over-allotment option.

The liquidation preference is $25.00.

The preferreds become redeemable in November 2022 at par plus accrued distributions.

FBR, National Securities Corp. and H.C. Wainwright & Co. are the joint bookrunners.

Fortress will apply to list the preferreds on the New York Stock Exchange under the symbol “FBIOP.”

Proceeds will be used for operations, general corporate purposes, research and development, clinical trials, debt repayment and working capital.

The biopharmaceutical company is based in New York.

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