Amsterdam, the Netherlands and Dallas, Texas – July 27, 2026
argenx has entered into a definitive agreement to acquire Forte Biosciences, Inc. in an approximately $2.2 billion all-cash transaction, significantly strengthening its immunology pipeline with the addition of FB102, a first-in-class anti-CD122 monoclonal antibody. Under the agreement, argenx will acquire Forte for $77 per share in cash, representing an 86% premium to Forte’s volume-weighted average share price following the release of positive Phase 1b vitiligo data earlier this month. The acquisition builds on argenx’s previous strategic investment in Forte and supports the company’s Vision 2030 strategy to expand its portfolio of innovative therapies for autoimmune diseases. The transaction is expected to close in Q3 2026, subject to customary regulatory approvals and shareholder conditions.
FB102 Adds First-in-Class CD122 Biology to argenx Portfolio
The acquisition brings FB102, Forte Biosciences’ lead investigational therapy, into the argenx immunology portfolio. FB102 is a first-in-class anti-CD122 antibody designed to target pathogenic T-cell and natural killer (NK) cell activity, offering a differentiated approach to treating autoimmune diseases. The therapy has already demonstrated clinical proof-of-concept in Phase 1b studies for vitiligo and celiac disease, while additional Phase 2 clinical data in celiac disease are expected during the second half of 2026. Beyond these initial indications, argenx believes FB102 has the potential to treat alopecia areata and multiple additional autoimmune disorders, positioning the program as a potential pipeline-in-a-product opportunity capable of addressing several diseases with significant unmet medical needs.
Acquisition Strengthens Long-Term Immunology Growth Strategy
According to argenx Chief Executive Officer Karen Massey, the acquisition aligns closely with the company’s disciplined strategy of identifying breakthrough science supported by compelling biology and strong clinical validation. FB102 complements argenx’s existing antibody portfolio, including efgartigimod, empasiprubart, adimanebart, and ARGX-121, while expanding the company’s ability to target different immune pathways involved in autoimmune diseases. Forte Biosciences CEO Paul A. Wagner stated that combining FB102’s promising clinical profile with argenx’s global development, regulatory, and commercialization capabilities will accelerate the therapy’s advancement for patients with vitiligo, celiac disease, alopecia areata, and other immune-mediated disorders. The companies believe the combination will help deliver innovative treatment options to patients who currently have limited therapeutic choices.
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All-Cash Transaction Expected to Close in Q3 2026
Under the merger agreement, argenx will launch a cash tender offer through a wholly owned subsidiary to acquire all outstanding shares of Forte Biosciences for $77 per share. The transaction will be funded entirely through cash on hand and is not subject to financing conditions. Following completion of the tender offer, any remaining outstanding shares will be converted into the right to receive the same cash consideration. The boards of directors of both companies have unanimously approved the acquisition, which remains subject to customary closing conditions, including regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act and shareholder participation requirements. Upon completion, the acquisition is expected to further strengthen argenx’s position as a global leader in immunology innovation while accelerating the development of next-generation therapies for autoimmune diseases.
Source: argenx press release
