argenx said it will buy Forte Biosciences for $77 a share in cash, valuing the company at about $2.2 billion. The deal price implies an 86% premium to Forte’s volume-weighted average price since the company reported positive phase 1b vitiligo data on July 9, 2026.
The acquisition adds FB102, Forte’s lead program and a first-in-class anti-CD122 antibody, to argenx’s immunology pipeline. The drug has already produced phase 1b data in two diseases: positive results in vitiligo and positive results in celiac disease reported last year. Forte said phase 2 data in celiac disease is expected in the second half of this year.
Argenx said the transaction extends its portfolio beyond efgartigimod, empasiprubart, adimanebart and argx-121, while adding a mechanism aimed at pathogenic T-cell and NK-cell activity. The companies said FB102 could also be developed in alopecia areata and other autoimmune diseases.
The deal is being funded entirely from cash on hand and is not subject to a financing condition. Argenx plans to launch a cash tender offer for all outstanding Forte shares, and the merger would follow once the tender offer is completed.
The boards of both companies have approved the transaction, which is expected to close in the third quarter of 2026. The market has reacted to these announcements by moving the company's shares -8.24% to a price of $54.78. If you want to know more, read the company's complete 8-K report here.
