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Home / transaction / Berkshire Global Advisors client National Holdings Corporation has been acquired by Fortress Biotech
Berkshire Global Advisors client National Holdings Corporation has been acquired by Fortress Biotech
  • has been acquired by

    • Berkshire Global Advisors client National Holdings Corporation has been acquired by Fortress Biotech

  • Date: April 2016
  • Sector: Securities and Investment Banking
  • Sub-Sector: Investment Bank
  • Region: North America
  • Seller AUM: N/A

    • Seller Details
    National Holdings Corporation (NASDAQ: NHLD) is a full-service investment banking and asset management firm that provides a range of services, including independent retail brokerage and advisory services, investment banking, institutional sales and trading and equity research, financial planning, market making, tax preparation, insurance and annuities, to corporations, institutional investors and high net-worth clients. With over 1,100 independent advisors, brokers, traders and sales associates, National Holdings is a leading Independent Advisor and Broker services company. National Holdings operates through five subsidiaries: National Securities Corporation, vFinance Investments, Inc., National Insurance Corporation, National Asset Management, Inc. and Gilman Ciocia, Inc.

    Buyer Details
    Fortress Biotech, Inc. (NASDAQ: FBIO) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress plans to develop and commercialize products both within Fortress and through subsidiary companies, also known as Fortress Companies. In addition to its internal development programs, Fortress will leverage its biopharmaceutical business expertise and drug development capabilities to help the Fortress Companies achieve their goals. Additionally, Fortress will provide funding and management services to each of the Fortress Companies and, from time to time, Fortress and the Fortress Companies will seek licensing, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs.

    Transaction Summary
    National Holdings Corporation, a full-service investment banking and asset management firm, and Fortress Biotech, Inc., a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products, have entered into a definitive agreement pursuant to which Fortress will offer to purchase, through its wholly owned subsidiary, FBIO Acquisition, Inc., up to 100% of the shares of National Holdings at $3.25 per share in cash. Fortress intends to enhance National’s biotech and life science investment banking franchise into a leader in the field, identify important additional verticals to diversify into and cut costs and enhance platform offerings for National’s independent advisors and their clients.