Fortress Biotech shares surge 10.49% premarket after subsidiary Cyprium sells FDA PRV for $205 million.

Fortress Biotech surged 10.49% in premarket trading following its subsidiary Cyprium Therapeutics' agreement to sell a Rare Pediatric Disease Priority Review Voucher for $205 million. The PRV, secured after the FDA approved ZYCUBO for Menkes disease in January 2026, provides immediate liquidity and strengthens Fortress’ balance sheet. The transaction also enables Cyprium to retain tiered royalties on ZYCUBO sales and potential milestone payments. Concurrently, Fortress amended its credit facility with Oaktree, easing covenants and requiring a $10 million prepayment, aligning with the PRV monetization. The company highlighted three recent FDA approvals and a strategic shift toward profitability, citing the PRV sale and Checkpoint Therapeutics’ acquisition by Sun Pharma as pivotal steps. The move underscores Fortress’ focus on leveraging regulatory milestones for capital generation, bolstering investor confidence in its rare disease pipeline and financial flexibility.