EXHIBIT 21.1

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SUBSIDIARIES OF FORTRESS BIOTECH, INC.

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Subsidiaries of Fortress Biotech, Inc. at December 31, 2021, with jurisdiction of incorporation or formation:

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●Aevitas Therapeutics, Inc. (Delaware)
●Avenue Therapeutics, Inc. (Delaware)
●Baergic Bio, Inc. (Delaware)
●Cellvation, Inc. (Delaware), formerly FBIO Acquisition Corp. I
●Checkpoint Therapeutics, Inc. (Delaware)
●Cyprium Therapeutics, Inc. (Delaware)
●Helocyte, Inc. (Delaware), formerly DiaVax Biosciences, Inc.
●Journey Medical Corporation (Delaware)
●Mustang Bio, Inc. (Delaware)
●Oncogenuity, Inc. (Delaware), formerly FBIO Acquisition Corp. VI
●FBIO Acquisition Corps. IX – L (Delaware)
●UR-1 Therapeutics, Inc.