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

MIAMI, July 25, 2024 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”, or the “Company”), an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty revenue, today announced that it has entered into a new loan agreement (the “Agreement”) for up to $50 million with funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The Company will receive an initial tranche of $35 million and is eligible to draw an additional $15 million at Oaktree’s discretion to support future business development activities. In connection with the new loan agreement, the Company repaid its prior $50 million term loan with Oaktree.

Read more at globenewswire.com