Exhibit 5.1



90 Park Avenue

New York, NY 10016

212-210-9400 | Fax: 212-210-9444


Mark F. McElreath Direct Dial:  212-210-9595 Email:  mark.mcelreath@alston.com


August 26, 2020


Fortress Biotech, Inc.

2 Gansevoort Street, 9th Floor

New York, NY 10014



Ladies and Gentlemen:


We are acting as counsel to Fortress Biotech, Inc., a Delaware corporation (the “Company”), in connection with the registration statement on Form S-3 (File No. 333-238327) filed by the Company with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended (the “Securities Act”), initially on May 18, 2020, and declared effective by the Commission on May 26, 2020, (the “Registration Statement”), and the issuance and sale by you to The Benchmark Company, LLC and ThinkEquity, a division of Fordham Financial Management, Inc. as the underwriters named on Schedule I (the “Underwriters”) to the Underwriting Agreement (the “Underwriting Agreement”), of up to 733,332 shares in the aggregate (the “Shares”) of the Company’s 9.735% Series A Cumulative Redeemable Perpetual Preferred Stock, liquidation preference of $25.00 per share, which includes 66,666 shares of 9.735% Series A Cumulative Redeemable Perpetual Preferred Stock issuable upon exercise of the Underwriters’ option to purchase additional shares granted by the Company to the Underwriters. The Company is issuing and selling the Shares to the Underwriters pursuant to the Underwriting Agreement dated August 26, 2020, between the Company and the Underwriters. This opinion is being furnished to you at your request in accordance with the requirements of Item 16 of the Commission’s Form S-3 and Item 601(b)(5) of Regulation S-K promulgated under the Securities Act.


We have examined the Amended and Restated Certificate of Incorporation of the Company, all amendments thereto and restatements thereof, the Second Amended and Restated Bylaws of the Company, records of proceedings of the Board of Directors, or committees thereof, and records of proceedings of the stockholders, deemed by us to be relevant to this opinion letter, and the Registration Statement. We also have made such further legal and factual examinations and investigations as we deemed necessary for purposes of expressing the opinion set forth herein. In rendering such opinion, we have relied as to factual matters upon the representations, warranties and other statements made in the Underwriting Agreement.


Alston & Bird LLP www.alston.com


Atlanta | Beijing | Brussels | Charlotte | Dallas | London | Los Angeles | New York | Raleigh | San Francisco | Silicon Valley | Washington, D.C.




August 26, 2020

Page 2


As to certain factual matters relevant to this opinion letter, we have relied conclusively upon originals or copies, certified or otherwise identified to our satisfaction, of such records, agreements, documents and instruments, including certificates or other comparable documents of officers of the Company and of public officials, as we have deemed appropriate as a basis for the opinion hereinafter set forth. Except to the extent expressly set forth herein, we have made no independent investigations with regard to matters of fact, and, accordingly, we do not express any opinion as to matters that might have been disclosed by independent verification.


Based upon the foregoing and subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that the Shares have been duly authorized by all necessary corporate action of the Company and are validly issued, fully paid and nonassessable.


Our opinion set forth herein is limited to the General Corporation Law of the State of Delaware, the laws of the State of New York, and the federal law of the United States, and we do not express any opinion herein concerning any other laws.


This opinion letter is provided to the Company for its use solely in connection with the transactions contemplated by the Underwriting Agreement and may not be used, circulated, quoted or otherwise relied upon for any other purpose without our express written consent.


The only opinion rendered by us consists of that set forth in the fourth paragraph of this letter, and no opinion may be implied or inferred beyond the opinion expressly stated. Our opinion expressed herein is as of the date hereof, and we undertake no obligation to advise you of any changes in applicable law or any other matters that may come to our attention after the date hereof that may affect our opinion expressed herein.


We consent to the filing of this opinion letter as an exhibit to a Current Report on Form 8-K to be incorporated by reference into the Registration Statement and to the use of our name under the heading “Legal Matters” in the prospectus supplement dated August 28, 2020 filed together with the prospectus dated May 26, 2020 by the Company with the Commission pursuant to Rule 424(b)(5) under the Securities Act on August 28, 2020. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the Commission thereunder.


  By: /s/ Mark F. McElreath
    Mark F. McElreath