Sidley represented Fortress Biotech, Inc., an innovative biopharmaceutical company, as borrower, in connection with a US$60 million senior secured credit agreement funded by Oaktree Capital Management. Fortress will use the proceeds of this loan for the refinancing of their existing debt so that they can continue to focus on their business objective of providing treatment options to patients and increasing shareholder value. The deal closed August 27, 2020.
Fortress Biotech, Inc. is one of the fastest-growing North American companies in the technology and life sciences sectors and is focused on the acquisition, development, and commercialization of up-and-coming prescription pharmaceuticals. Fortress holds a diverse product pipeline of product candidates in stages of pre-clinical and clinical development and has established partnerships with some of the world’s leading academic research institutions and biopharmaceutical companies. These partnerships include Alexion Pharmaceuticals, Inc., AstraZeneca, City of Hope, Fred Hutchinson Cancer Research Center, InvaGen Pharmaceuticals Inc., St. Jude Children’s Research Hospital, and Nationwide Children’s Hospital.
Clint Uhlir (partner, Insurance) introduced the opportunity with Fortress Biotech, and Pamela Martinson (partner, Global Finance) led the deal team, which included Rob Carlson (partner, M&A), Rachel Kleinberg (partner, Tax), Istvan Hajdu (counsel, Capital Markets), Amanda McFarlane (associate, Global Finance), Harrison Hodgin (associate, M&A), Lucy Liu (associate, Global Finance), Jonathan Westreich (associate, Tax), and Kelly Gmoser (paralegal, M&A).