argenx and Forte Biosciences, Inc. entered a definitive agreement under which argenx is set to acquire Forte Biosciences for $77 per share in cash, a deal valuing company at approximately $2.2 billion.

The acquisition brings FB102, Forte Biosciences' lead program, into argenx's immunology portfolio.¹ FB102, a first-in-class anti-CD122 antibody, has clinical proof-of-concept in vitiligo and celiac disease, with both companies saying it carries potential to address multiple additional autoimmune diseases. The deal reflects argenx's approach of identifying and advancing breakthrough science in diseases that have lacked innovation for decades.

"Our Vision 2030 strategy is well-defined and on track, and our discovery, development and commercialization engines are delivering real value for patients," said Karen Massey, chief executive officer of argenx. "The acquisition of Forte Biosciences builds on the strength of that foundation and advances our ambition to be the leading immunology innovator of the future.

What are the terms of the deal?

Under the merger agreement, argenx will acquire Forte Biosciences through a wholly owned subsidiary via a cash tender offer for all outstanding shares of Forte Biosciences common stock at $77 per share, representing total equity value of approximately $2.2 billion.¹ The price represents a premium of approximately 86% to Forte Biosciences' volume-weighted average price since the company reported positive Phase Ib vitiligo data on July 9, 2026.¹

Completion of the tender offer is subject to customary closing conditions, including the tender of at least a majority of Forte Biosciences' outstanding shares and expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.¹ Once the tender offer is completed, a wholly owned argenx subsidiary will merge with Forte Biosciences, and any untendered shares will be converted into the right to receive the same $77-per-share cash consideration.¹ The transaction carries no financing condition and will be funded entirely from cash on hand.

The boards of directors of both companies have approved the transaction, which is expected to close in the third quarter of 2026, subject to customary closing conditions.

What Data Supported the Deal?

Forte Biosciences recently reported positive Phase Ib data in vitiligo, showing a statistically significant treatment benefit.² The company also shared positive FB102 Phase Ib data in celiac disease last year, with Phase II data in that indication expected in the second half of this year. According to the companies, these results were key drivers of argenx's decision to move from a strategic investment into a full acquisition, providing clinical evidence in indications with significant unmet need and limited treatment options.²

Beyond celiac disease and vitiligo, FB102 has potential to address alopecia areata and additional autoimmune diseases, a breadth the companies point to in describing it as a potential pipeline-in-a-product opportunity.¹

How Does FB102 Fit argenx's Portfolio?

FB102 adds a mechanism focused on pathogenic T-cell and NK-cell activity, which the companies say broadens argenx's ability to pursue diseases driven by different dimensions of the immune system. It joins argenx's existing roster of antibody-based programs, including efgartigimod, empasiprubart, adimanebart and ARGX-121, along with several additional early-stage molecules.¹

"We are incredibly proud of what we have achieved in advancing FB102 through clinical development and firmly believe that argenx is the ideal strategic partner to unlock the full potential of this novel anti-CD122 antibody across a broad range of autoimmune diseases," said Paul A. Wagner, Ph.D., chief executive officer and chairperson of the Board of Forte Biosciences. "By combining FB102's promising clinical profile with argenx's proven development expertise, global reach and commercial capabilities, we have a unique opportunity to accelerate its development and maximize its impact for patients living with vitiligo, celiac disease, alopecia areata and other autoimmune conditions. We are excited about the future of FB102 and the potential to bring this innovative therapy to many more patients worldwide."

Sources

1. argenx to Acquire Forte Biosciences, Inc., Adding First-in-Class anti-CD122 Antibody, FB102, to its Immunology Pipeline Argenx SE July 27, 2026 https://www.globenewswire.com/news-release/2026/07/27/3333257/0/en/argenx-to-acquire-forte-biosciences-inc-adding-first-in-class-anti-cd122-antibody-fb102-to-its-immunology-pipeline.html
2. FB102 Achieves Statistically Significant Improvement in Vitiligo at Week 24 After Completion of 12-Week Treatment Period businesswire July 9, 2026 https://www.businesswire.com/news/home/20260709892301/en/FB102-Achieves-Statistically-Significant-Improvement-in-Vitiligo-at-Week-24-After-Completion-of-12-Week-Treatment-Period