Argenx is acquiring Forte Biosciences in a $2.2 billion all-cash deal, adding a first-in-class antibody to its growing autoimmune-disease pipeline.
Under the agreement announced July 27, Argenx will pay $77 per share — a roughly 41% premium to Forte's prior closing price. The Dallas-based biotech's lead asset is FB102, a first-in-class anti-CD122 monoclonal antibody that dials down the activity of T cells and natural-killer (NK) cells, immune drivers of many autoimmune conditions.
What Argenx is buying
FB102 has produced encouraging Phase 1b results in vitiligo and celiac disease — two conditions with high unmet need. Argenx frames the drug as a “pipeline-in-a-product” with potentially broad autoimmune applications, validating CD122 as a target.
Why it fits
Argenx built its reputation on Vyvgart, an antibody therapy for the neuromuscular disorder myasthenia gravis and a rare nerve condition, with steadily rising sales. Buying Forte extends that antibody-driven immunology strategy into new autoimmune territory — and continues a wave of consolidation as larger players snap up midsize biotechs with promising assets.
Why it matters
At $2.2 billion for a drug still in early clinical testing, the deal is a bet on FB102's breadth rather than proven revenue — the kind of high-conviction, high-risk wager that defines immunology dealmaking right now. The acquisition is expected to close in the third quarter of 2026, subject to regulatory approval.