November 19, 2018 / 2:25 PM / 23 days ago

Fortress Bio to sell its majority stake in brokerage National Holdings

Nov 19 (Reuters) - Biotech incubator Fortress Biotech Inc said on Monday it would sell its majority stake in brokerage National Holdings Corp to financial services provider B Riley Financial in a deal valued at $22.9 million.

Fortress is selling its 56.1 percent stake in the brokerage and investment bank, of which it has already sold 24 percent for $3.25 per share.

The remaining stake will be sold at the same price following approvals from the Financial Industry Regulatory Authority.

Owning National had given Fortress an in-house underwriter and a private sales force of about 700 brokers to help it raise money for its stable of nine ventures that are developing new drugs or treatments. (Reporting by Manas Mishra in Bengaluru Editing by Saumyadeb Chakrabarty)

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