argenx and Forte Biosciences, Inc. announced a definitive agreement under which argenx will acquire Forte Biosciences for $77 per share in cash, representing a total equity value of approximately $2.2 billion and a premium of approximately 86 percent to Forte Biosciences’ volume-weighted average price since it reported positive Phase 1b vitiligo data on July 9, 2026. The deal builds on argenx’s prior strategic investment in Forte Biosciences.
The acquisition centers on FB102, Forte’s lead program and a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease. Forte recently reported statistically significant treatment benefit in a Phase 1b vitiligo study, and previously reported positive Phase 1b celiac disease data, with Phase 2 celiac disease results expected in the second half of 2026. FB102 is also considered a potential treatment for alopecia areata and other autoimmune diseases, giving it what the companies described as pipeline-in-a-product potential. The addition complements argenx’s existing portfolio, including efgartigimod, empasiprubart, adimanebart, and ARGX-121, by adding a mechanism targeting pathogenic T-cell and NK-cell activity through CD122 biology.
Under the merger agreement, Argenx will commence a cash tender offer for all outstanding Forte Biosciences shares, with the transaction subject to customary closing conditions.
The deal is not subject to a financing condition and will be funded entirely from cash on hand, with both companies’ boards having approved the transaction, which is expected to close in the third quarter of 2026.
Support: Goldman Sachs International is serving as exclusive financial advisor and Freshfields LLP as legal advisor to argenx, while Guggenheim Securities, LLC is serving as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati, P.C. as legal counsel to Forte Biosciences.
KEY QUOTES:
“Our Vision 2030 strategy is well-defined and on track, and our discovery, development and commercialization engines are delivering real value for patients. 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. The addition of FB102 to our portfolio aligns perfectly with the argenx playbook: compelling biology, strong clinical validation and broad potential to address patient need.”
Karen Massey, Chief Executive Officer, argenx
“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. 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.”
Paul A. Wagner, Ph.D., Chief Executive Officer and Chairperson of the Board, Forte Biosciences
