argenx to acquire Forte Biosciences for $2.2 billion, strengthens immunology pipeline

Acquisition adds first-in-class anti-CD122 antibody FB102 to argenx's portfolio as Forte prepares Phase II data

Global immunology company argenx has entered into a definitive agreement to acquire Forte Biosciences in an all-cash transaction valued at approximately $2.2 billion, strengthening its pipeline with the addition of the investigational anti-CD122 antibody, FB102.

The acquisition, unanimously approved by the boards of both companies, is expected to close in the third quarter of 2026, subject to customary closing conditions, including shareholder tender and regulatory approvals.

FB102, Forte Biosciences' lead investigational asset, is a first-in-class anti-CD122 antibody that has demonstrated encouraging results in Phase Ib clinical studies for vitiligo and celiac disease. The company is expected to report Phase II data for the candidate in the second half of 2026.

Under the agreement, argenx will launch a cash tender offer through a wholly owned subsidiary to acquire all outstanding shares of Forte Biosciences at $77 per share. The offer represents an approximately 86 per cent premiumover Forte's volume-weighted average share price since the company announced positive Phase Ib vitiligo data on 9 July.

The acquisition will be funded entirely through argenx's existing cash reserves and is not subject to financing conditions.

Commenting on the acquisition, Karen Massey, Chief Executive Officer of argenx, said, "The acquisition of Forte Biosciences builds on the strength of that foundation and advances our ambition to be the leading immunology innovator of the future.

"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.

"I am grateful to the Forte Biosciences team for their outstanding work. Together, we look forward to unlocking the full potential of FB102 and accelerating its impact for patients."

Upon completion, FB102 will join argenx's growing immunology portfolio, which includes antibody-based programmes such as adimanebart, ARGX-121, efgartigimod, empasiprubart and several earlier-stage development candidates.