EXHIBIT 21.1

SUBSIDIARIES OF FORTRESS BIOTECH, INC.

Subsidiaries of Fortress Biotech, Inc. at December 31, 2020, with jurisdiction of incorporation or formation:

●

Aevitas Therapeutics, Inc. (Delaware)

●

Avenue Therapeutics, Inc. (Delaware)

●

Baergic Bio, Inc. (Delaware)

●

Caelum Biosciences, Inc. (Delaware), formerly FBIO Acquisition Corp. II

●

Cellvation, Inc. (Delaware), formerly FBIO Acquisition Corp. I

●

Checkpoint Therapeutics, Inc. (Delaware)

●

Cyprium Therapeutics, Inc. (Delaware)

●

Helocyte, Inc. (Delaware), formerly DiaVax Biosciences, Inc.

●

Hepla Sciences, Inc. (Delaware), formerly FBIO Acquisition Corp. IV

●

Journey Medical Corporation (Delaware)

●

Mustang Bio, Inc. (Delaware)

●

Oncogenuity, Inc. (Delaware), formerly FBIO Acquisition Corp. VI

●

CB Securities Corporation (Massachusetts)

●

Coronado SO Co. (Delaware)

●

Escala Therapeutics, Inc., formerly Altamira Biosciences, Inc. (Delaware)

●

FBIO Acquisition Corps. VI – XIV (Delaware)

●

Fortress Biotech, China, Inc.

●

Innmune Limited (United Kingdom)

●

Tamid Bio, Inc. (Delaware)