argenx Acquires Forte Biosciences for $2.2 Billion

argenx SE (ARGX) entered a merger agreement on July 27, 2026, to acquire Forte Biosciences, Inc. (FBRX) in a deal valued at $2.2 billion.

Deal Structure:

argenx, through a wholly owned subsidiary, will commence a cash tender offer to acquire all of the outstanding shares of Forte Biosciences’ common stock for $77 per share, representing a 40.56% premium from the stock’s last close.

Company Profile:

Forte Biosciences is a U.S.-based clinical-stage biopharmaceutical company developing antibody therapies for autoimmune diseases. Its lead program, FB102, is an anti-CD122 monoclonal antibody being evaluated for conditions including vitiligo, celiac disease, and other autoimmune disorders.

argenx is a global biotechnology company focused on developing antibody-based therapies for autoimmune diseases. Its portfolio includes approved and investigational treatments targeting immune system pathways, with its lead product, efgartigimod, approved for certain autoimmune conditions and being evaluated across additional indications.

Deal Details and Timeline:

Forte recently reported positive Phase 1b results for FB102 in vitiligo, showing a statistically significant improvement in patients. The company also shared positive Phase 1b results in celiac disease last year, with Phase 2 results expected later this year.

FB102 targets diseases with limited treatment options and has the potential to treat other autoimmune conditions, including alopecia areata, making it a promising drug candidate with multiple future uses.

FB102 adds a new way of targeting the immune system to argenx’s existing portfolio of antibody-based medicines. Unlike the company’s current programs, it targets harmful T cells and NK cells, expanding argenx’s ability to develop treatments for a wider range of autoimmune diseases caused by different immune system pathways.

The deal will be fully funded with cash on hand.

The deal is expected to close in Q3 2026.

Forte was advised by Guggenheim Securities as its financial advisor and by Wilson Sonsini Goodrich & Rosati as its legal counsel. argenx was advised by Goldman Sachs International on financial matters and by Freshfields as its legal counsel.

Deal Metrics:

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Deal Metrics for the acquisition of Forte Biosciences, Inc. (FBRX) by argenx SE (ARGX)

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Editor’s Note: Baranjot Kaur contributed to this article