argenx, the Belgian-Dutch immunology company behind the blockbuster drug efgartigimod, announced Monday it will acquire Forte Biosciences for $77 per share in cash, representing a total equity value of approximately $2.2 billion and an 86% premium to Forte's volume-weighted average price since the smaller biotech reported positive Phase 1b data in vitiligo on July 9, 2026. The deal's acquirer funded the transaction entirely from cash on hand, with closing expected in the third quarter of 2026, pending customary regulatory clearances and the tender of at least a majority of outstanding Forte shares.
The acquisition targets FB102, Forte's lead antibody candidate that blocks the interleukin-2 receptor beta chain, also known as CD122, a pathway that regulates pathogenic T-cell and natural killer cell activity. CD122 biology has attracted growing scientific attention as a potential mechanism with broad applicability across autoimmune and inflammatory diseases, and argenx has characterized FB102 as a 'pipeline-in-a-product' given the number of conditions where CD122 dysregulation may play a role. Forte's Phase 1b studies have already demonstrated clinical proof-of-concept in vitiligo and celiac disease, the latter of which has received FDA Fast Track designation, providing argenx with de-risked biological validation before committing the full acquisition price.
The deal carries additional strategic texture. argenx had already taken a strategic position in Forte earlier this year, participating in a $150 million public offering priced at $26.27 per share in April, according to a regulatory filing. That initial investment, which provided argenx with privileged access to Forte's clinical data and management team, appears to have served as a structured option on the full acquisition — a dealmaking approach that lets a larger buyer validate biology before committing at scale.
FB102 is designed to complement argenx's existing antibody portfolio, which includes efgartigimod for myasthenia gravis and other FcRn-mediated diseases, empasiprubart, adimanebart, and ARGX-121. While argenx's existing programs primarily address diseases through the FcRn pathway and complement system inhibition, FB102's CD122 mechanism targets a fundamentally different dimension of immune pathology, expanding the company's ability to enter disease areas where its current toolkit lacks traction.
For Forte Biosciences shareholders, the deal delivers an immediate and substantial premium. Forte's shares had risen sharply following the July 9 vitiligo data readout, but the $77 offer still represents a roughly 41% premium to where the stock closed as recently as July 24, according to European Biotechnology Magazine's reporting on the transaction. Forte's board has unanimously approved the deal, and argenx expects no material antitrust obstacles given FB102's early clinical stage and limited commercial overlap with its existing programs.
The acquisition reinforces argenx's Vision 2030 strategic framework, which targets building a portfolio of medicines capable of addressing multiple large autoimmune markets. It also follows a broader industry pattern in which large immunology companies have paid significant premiums for early clinical assets in 2026, particularly where Phase 1b data provides biological validation without the risk of a full Phase 2 failure having already occurred. Investors are expected to focus Monday's 8 a.m. ET call on the clinical timeline for FB102's Phase 2 studies in vitiligo and celiac disease, the potential patient populations argenx intends to prioritize, and the capital allocation implications of the deal relative to argenx's ongoing commercial and pipeline investments.