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Fortress Biotech, Inc.

FBIO

Health Care

2

exclusion reasons

1 theme

Animal Welfare (2)
FBIO Health Care Current as of March 2026

Fortress Biotech, Inc. is screened out under 2 exclusion reasons spanning 1 issue category.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Animal Exploitation
Since Jan 3, 2022

Fortress Biotech, Inc. is a biopharmaceutical company whose core business model involves developing new drug candidates, a process that inherently requires animal testing for regulatory approval. The company’s pipeline and partnerships are built on preclinical research that utilizes animal models.

A 2016 case highlights the severe consequences of failures in this area. An animal research facility was ordered to pay a $3.5 million penalty for animal welfare violations, described at the time as an unprecedented cost for such offenses. This case underscores the systemic risks and ethical violations present in the contract research and preclinical testing ecosystem upon which biotech firms like Fortress Biotech rely. A 2025 audit report of U.S. laboratories further compiled evidence of widespread animal suffering and welfare violations, indicating that such issues are not isolated incidents but a recurring problem within the industry.

Animal Testing & Research
Since Jul 28, 2021

Fortress Biotech is a biopharmaceutical company dedicated to acquiring, developing, and commercializing pharmaceutical and biotechnology products. The company’s business model inherently requires animal testing as a core component of its preclinical research and regulatory compliance process. Its public filings explicitly state that product development involves the “completion of preclinical laboratory tests, animal studies and formulation studies according to good laboratory practices.”

As a developer of novel drug candidates, Fortress Biotech funds, commissions, and relies on animal studies to assess the safety and efficacy of its assets before advancing them to human clinical trials. This activity is a standard, non-optional phase of the pharmaceutical development pathway mandated by global regulatory bodies like the U.S. Food and Drug Administration. The company’s pipeline advancement is contingent upon successful animal testing outcomes.

Research Sources 1 organization
Cruelty Free Investors
External

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.