Forte Biosciences Stock Soars on $2.2 Billion Acquisition by Argenx

Shares of Forte Biosciences (FBRX) surged nearly 40% in pre-market trading on July 27, 2026, after the company agreed to be acquired by argenx in an all-cash transaction. The deal values the clinical-stage biotechnology firm at an equity value of approximately $2.2 billion.

The Acquisition Terms

Under the terms of the definitive agreement, argenx will launch a tender offer to acquire all outstanding shares of Forte Biosciences for $77.00 per share in cash. According to the announcement, this price represents a significant premium for Forte shareholders:

• A premium of approximately 40% to Forte's last closing price.
• An 86% premium to the stock's volume-weighted average price since the company reported positive clinical data on July 9, 2026.

The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the third quarter of 2026. Argenx plans to fund the acquisition entirely from its existing cash reserves.

Strategic Focus on Autoimmune Pipeline

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The acquisition is centered on Forte's lead drug candidate, FB102, a first-in-class anti-CD122 antibody. The asset has attracted significant interest following positive Phase 1b study results showing statistically significant efficacy in treating both vitiligo and celiac disease.

Forte's pipeline addresses two autoimmune conditions with substantial unmet medical needs and a lack of currently approved biologic treatments. This deal aligns with a broader industry trend of larger pharmaceutical and biotech companies acquiring smaller firms with promising, de-risked assets to bolster their own development pipelines.

Market Context and Investor Confidence

Forte's stock price climbed to trade just below the announced acquisition price, signaling strong investor confidence that the transaction will be completed. The deal follows a recent signal of growing institutional conviction in Forte's potential, when Barclays initiated coverage with an Overweight rating and a $74 price target just days before the acquisition was announced.