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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