Argenx to Acquire Forte Biosciences for $2.2 Billion

Argenx SE entered a definitive agreement to acquire Dallas-based Forte Biosciences for approximately $2.2 billion in total equity value. The deal, approved by both companies' boards, consists of an all-cash tender offer of $77 per share, which represents a roughly 41% premium over Forte's closing price on July 25, 2026.

The acquisition is primarily driven by FB102, a first-in-class anti-CD122 antibody designed to target pathogenic T and natural killer cells without causing broad immune suppression. FB102 has shown early promise in treating vitiligo and celiac disease, with Phase Ib trials showing a 29.6% improvement in facial vitiligo scores. Argenx intends to use the asset to target vitiligo, celiac disease, alopecia areata, and other autoimmune conditions, with Phase 2 data for celiac disease expected by the end of 2026.

Argenx will fund the transaction using cash on hand. The deal is expected to close in the third quarter of 2026, pending regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act and the tender of a majority of shares. The company intends to integrate FB102 into its Vision 2030 strategy to expand its immunology pipeline beyond its existing drug, Vyvgart.