Peter Fonda, the son of Henry Fonda and the younger brother of Jane Fonda, has died, PEOPLE confirms. He was 79.
Peter's family confirmed the sad news in an exclusive statement to PEOPLE on Friday and said that the two-time Oscar-nominee died after suffering respiratory failure due to lung cancer.
"It is with deep sorrow that we share the news that Peter Fonda has passed away," the family said. "[Peter] passed away peacefully on Friday morning, August 16 at 11:05 a.m. at his home in Los Angeles surrounded by family."
"The official cause of death was respiratory failure due to lung cancer," they continued.
"In one of the saddest moments of our lives, we are not able to find the appropriate words to express the pain in our hearts. As we grieve, we ask that you respect our privacy," they wrote.
"And, while we mourn the loss of this sweet and gracious man, we also wish for all to celebrate his indomitable spirit and love of life," the Fonda family finished. "In honor of Peter, please raise a glass to freedom."