Fortress Biotech sells brokerage firm following Reuters exposé; Tracon contends with another setback in brain cancer
→ In the aftermath of a Reuters report shining a light on its questionable relationship with National Holdings, Fortress Biotech announced it is selling control of the brokerage firm that’s provided considerable — if inconspicuous — fundraising support for its biotech ventures. In a deal registered at $22.9 million, Fortress Bio will transfer its majority stake — 56.1% — to B. Riley Financial, giving the financial services company access to 700 brokers, 90,000 customer accounts and $12 billion-plus in client’s assets, the companies say.
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