Argenx to Acquire Forte Biosciences for $2.2 Billion, Targeting Autoimmune Drug Candidate

Global immunology company argenx announced Monday it will acquire Forte Biosciences in an all-cash transaction valued at approximately $2.2 billion, a move that sent Forte's shares soaring. The acquisition is centered on Forte's promising first-in-class antibody treatment for autoimmune diseases, FB102.

Deal Details

Under the terms of the merger agreement, argenx will launch a cash tender offer to acquire all outstanding shares of Forte Biosciences (NASDAQ: FBRX) for $77 per share. This price represents a significant premium of approximately 86% to Forte's volume-weighted average price since the company announced positive clinical data on July 9, 2026.

The transaction will be funded entirely with cash on hand and is not subject to any financing conditions. The boards of directors of both companies have approved the deal, which is expected to close in the third quarter of 2026, pending customary closing conditions including regulatory clearance.

Strategic Rationale

The acquisition's primary driver is FB102, Forte's lead drug candidate. FB102 is a first-in-class anti-CD122 antibody designed to target pathogenic T-cells and NK-cells, which play a role in various autoimmune conditions. The program is seen as a strategic complement to argenx's existing portfolio of antibody-based therapies.

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Forte Biosciences has reported positive clinical trial results for FB102, bolstering its value:

• Vitiligo: Recently reported positive Phase 1b data demonstrating a statistically significant treatment benefit.
• Celiac Disease: Shared positive Phase 1b data last year, with Phase 2 data anticipated in the second half of 2026.

Beyond these indications, argenx noted that FB102 has potential applications in treating alopecia areata and other autoimmune diseases.

Market Impact

Following the announcement, investors reacted positively to the acquisition terms. Shares of Forte Biosciences surged 39% in Monday trading, reflecting the substantial premium offered by argenx.