argenx to acquire Unnatural Products, adding macrocyclic peptide discovery
- argenx will acquire all remaining shares of Unnatural Products for $550 million upfront plus up to $595 million in development and regulatory milestones, totaling up to ~$1.15 billion.
- The deal follows more than two years of collaboration and an existing minority stake held by argenx.
- Unnatural Products will continue operating from Santa Cruz and will lead peptide discovery while argenx provides clinical development and commercialization.
- The boards have approved the transaction, which is expected to close by year‑end 2026 subject to customary closing conditions.
Deal overview
argenx agreed to acquire Unnatural Products, adding a macrocyclic peptide discovery engine to its capabilities. The transaction includes an upfront cash payment of $550 million and up to $595 million in contingent development and regulatory milestones, valuing the deal at up to approximately $1.15 billion.
Strategic rationale
argenx says the acquisition pairs UNP’s macrocyclic peptide expertise with its antibody engineering to expand ways to target novel biology and to pursue potential oral and long‑acting medicines for immune‑mediated diseases. The companies have collaborated for more than two years and argenx already holds a minority stake in UNP.
Operations and integration
UNP’s current team and leadership will remain at its Santa Cruz, California site, which will serve as argenx’s home for peptide discovery. UNP will continue to lead discovery within a strategic framework agreed with argenx, while argenx will apply its clinical development and commercialization capabilities to advance resulting medicines.
Timing and advisors
Both companies’ boards have approved the transaction, which is expected to close by the end of the year subject to customary closing conditions. Morgan Stanley & Co. LLC is serving as exclusive financial advisor to argenx; DLA Piper LLP is legal advisor to argenx and Latham & Watkins LLP is counsel to UNP.
Source: argenx