argenx to acquire Forte Biosciences, adding anti‑CD122 candidate FB102
- argenx will acquire Forte Biosciences for $77 per share in cash, representing about $2.2 billion in equity value.
- The tender offer requires a majority of outstanding shares and clearance under the Hart‑Scott‑Rodino Act; the deal is expected to close in Q3 2026.
- FB102 is a first‑in‑class anti‑CD122 antibody with positive Phase 1b data in vitiligo and earlier positive Phase 1b data in celiac disease; Phase 2 data in celiac is expected in H2 2026.
- argenx says FB102 expands its immunology portfolio by targeting pathogenic T‑cell and NK‑cell activity and may address alopecia areata and other autoimmune conditions.
Deal overview
argenx has entered a definitive agreement to acquire Forte Biosciences for $77 per share in cash, an approximate $2.2 billion equity valuation. The boards of both companies have approved the transaction, which argenx will fund from cash on hand.
Clinical rationale and pipeline fit
Forte’s lead program, FB102, is a first‑in‑class anti‑CD122 monoclonal antibody with Phase 1b proof‑of‑concept in vitiligo and prior positive Phase 1b data in celiac disease. argenx positions FB102 as a potential "pipeline‑in‑a‑product" with additional opportunity in alopecia areata and other autoimmune disorders, adding a mechanism focused on pathogenic T‑cell and NK‑cell activity to its antibody portfolio.
Transaction terms and timing
argenx will commence a cash tender offer to acquire all outstanding Forte shares at $77 per share (about an 86% premium to Forte’s VWAP since its vitiligo data release). Closing is subject to customary conditions, including at least a majority of shares tendered and expiration/termination of the Hart‑Scott‑Rodino waiting period, with completion expected in Q3 2026. The transaction is not subject to a financing condition.
Next steps and advisors
argenx hosted an investor call to discuss the deal. Goldman Sachs International and Freshfields LLP advise argenx; Guggenheim Securities and Wilson Sonsini Goodrich & Rosati advise Forte. A wholly owned argenx subsidiary will merge with Forte following the tender offer, and remaining shares will be cashed out at the same price.
Source: argenx