argenx agreed on 27 July to acquire Forte Biosciences, a Dallas-based clinical-stage biotech, for $77 per share in cash, a total equity value of about $2.2bn.
Why argenx SE is buying Forte Biosciences, Inc.
Forte's lead programme, FB102, is a first-in-class anti-CD122 antibody with clinical proof of concept in vitiligo and celiac disease. argenx said it adds a mechanism aimed at pathogenic T-cell and NK-cell activity alongside its efgartigimod franchise, with potential in alopecia areata and other autoimmune diseases.
“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.”
Deal terms and financing
argenx ran a cash tender offer at $77 per share, followed by a second-step merger at the same price. The price was about 86% above Forte's VWAP since its 9 July vitiligo data, and the deal was funded entirely from cash on hand with no financing condition.
Regulatory approvals and timing
Completion required a majority of shares to be tendered and expiry of the HSR waiting period. argenx announced completion of the acquisition on 27 August 2026.
Market context
argenx had previously made a strategic investment in Forte; Pharmaceutical Executive reported that the clinical data moved it from investor to buyer. Phase 2 celiac data were expected in the second half of 2026.
