AMSTERDAM: argenx (Euronext & Nasdaq: ARGX), a global immunology innovation company, announced today that it has entered into a definitive agreement to acquire Forte Biosciences, Inc. (Nasdaq: FBRX) for $77 per share in cash, representing a total equity value of approximately $2.2 billion.
The acquisition centers on FB102, Forte Biosciences’ lead program—a first-in-class anti-CD122 antibody with clinical proof-of-concept in both vitiligo and celiac disease, a statement said.
The deal builds upon argenx’s prior strategic investment in Forte Biosciences and reflects the company’s disciplined approach to accessing novel biology that can fuel long-term growth.
A Strategic Addition to argenx’s Pipeline
FB102 brings a differentiated approach to targeting pathogenic T-cell and NK-cell activity through CD122 biology, expanding argenx’s ability to pursue diseases driven by different dimensions of the immune system. The program has demonstrated statistically significant treatment benefit in recently reported Phase 1b vitiligo data, while positive Phase 1b results in celiac disease were shared last year, with Phase 2 data anticipated in the second half of 2026.
“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. 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.”
Pipeline-in-a-Product Potential
Beyond vitiligo and celiac disease, FB102 has demonstrated potential to address alopecia areata and additional autoimmune diseases, supporting its profile as a potential pipeline-in-a-product opportunity. The therapy addresses diseases with high unmet need that have lacked meaningful innovation for decades.
“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,” 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.”
Transaction Details
The cash tender offer represents a premium of approximately 86% to Forte Biosciences’ volume-weighted average price since reporting positive Phase 1b data in vitiligo on July 9, 2026. The transaction is not subject to a financing condition and will be funded entirely from argenx’s cash on hand.
The boards of directors of both companies have approved the transaction, which is expected to close in Q3 2026, subject to customary closing conditions, including the tender of at least a majority of outstanding Forte Biosciences shares and the expiration or termination of the Hart-Scott-Rodino waiting period.
Advisors
Goldman Sachs International is serving as exclusive financial advisor and Freshfields LLP as legal advisor to argenx. Guggenheim Securities, LLC is serving as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati, P.C. as legal counsel to Forte Biosciences.
Investor Conference Call
argenx will host an investor conference call today at 8:00 a.m. ET to discuss the transaction.
About argenx
argenx is a global immunology innovation company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines.
About Forte Biosciences, Inc.
Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company advancing FB102, a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications.
