Fortress Biotech(US:FBIO)2021-03-26 16:59Company Strategy & Programs - Fortress Biotech aims to build a pipeline of development-stage/commercial-stage assets and leverage efficient paths to move products forward with partners[2] - The company has 5 revenue-generating dermatology products and over 25 development-stage biotech product candidates[6] - Fortress Biotech focuses on opportunism and diversification across various disease areas and treatment modalities[7] Financial Status & Ownership - As of March 1, 2021, Fortress Biotech's market capitalization was approximately $367 million[51] - As of September 30, 2020, the company's consolidated cash was $220 million, and standalone cash was $974 million[51] - Fortress Biotech owns 93% of Journey on an outstanding share basis and 62% on a fully diluted basis as of January 29, 2021[20] Pipeline & Potential Monetization - Dermatology product revenue grew significantly, with a 331% increase from 2016 to 2017[20] - CUTX-101 for Menkes disease has an estimated peak sales of $175 million and may be eligible for a PRV valued at $75 million to $110 million[29, 28] - Cosibelimab, an anti-PD-L1 mAb, has a potential peak sales revenue between $300 million and $500 million for the initial indication of cutaneous squamous cell carcinoma[23] - MB-106 CD20 CAR T-cell therapy has estimated peak sales in the U S of $750 million to $1 billion[34] - IV Tramadol has an estimated peak sales of $790 million, with Fortress potentially receiving up to $48 million upfront and a CVR payout of 10-20% of gross profits[39, 45] - CAEL-101 for AL Amyloidosis has two ongoing Phase 3 trials and addresses a patient population of approximately 30,000 to 45,000 in the U S and EU[32]