Argenx to Acquire Forte Biosciences

Argenx SE will acquire Forte Biosciences, adding FB102, an experimental anti-CD122 antibody with positive Phase 1b results in vitiligo and celiac disease, to its immunology pipeline. The deal broadens Argenx’s antibody programs into autoimmune diseases with significant unmet need.

Deal Terms and Funding

Argenx, a Netherlands-based immunology company, will acquire Dallas-based Forte Biosciences through a front-end cash tender offer by a wholly owned subsidiary, followed by a back-end merger. The cash consideration is $77 per share, valuing Forte at about $2.2 billion.

The offer represents an 86% premium to Forte’s volume-weighted average price since it reported positive Phase 1b vitiligo data on July 9, 2026, and roughly a 41% premium to the prior closing price. Argenx will fund the acquisition entirely from cash on hand, and the merger agreement does not include a financing condition.

Approvals and Closing Conditions

The boards of directors of both companies have approved the transaction. Argenx disclosed the definitive merger agreement in a Form 6-K filed with the U.S. Securities and Exchange Commission on July 27, 2026. The tender offer had not yet commenced at that time; the agreement anticipates that Argenx’s subsidiary will initiate the offer according to its terms.

The acquisition is expected to close in the third quarter of 2026, contingent on the tender of at least a majority of Forte’s outstanding common stock, expiration or termination of the Hart-Scott-Rodino waiting period, and other customary closing conditions. After closing, the subsidiary will merge with Forte, which will survive as an indirect wholly owned subsidiary of Argenx. Any remaining Forte shares will convert into the right to receive the same per-share price paid in the offer.

FB102 and Strategic Rationale

FB102 is a first-in-class anti-CD122 monoclonal antibody targeting the CD122 subunit shared by the interleukin-2 and interleukin-15 receptors. It aims to modulate pathogenic T-cell and natural killer cell activity in autoimmune diseases. The candidate showed positive Phase 1b data in vitiligo and celiac disease, supporting its potential across multiple autoimmune indications.

Argenx described the acquisition as building on a prior strategic investment and as part of a disciplined approach to accessing novel biology for long-term growth. The company highlighted FB102’s "pipeline-in-a-product" potential to address diseases that have lacked innovation. Argenx expects the asset to complement its existing antibody-based immunology programs, including FcRn-targeting therapies, with potential development in alopecia areata and other autoimmune conditions.