argenx agrees to acquire Forte Biosciences for approximately $2.2 billion

The acquisition gives argenx full ownership of FB102, expanding its immunology pipeline with a first-in-class anti-CD122 antibody that has shown early clinical proof of concept in autoimmune disease.

argenx has entered into a definitive agreement to acquire Forte Biosciences in an all-cash transaction valued at approximately $2.2 billion, or $77 per share, securing ownership of its lead asset, FB102, a first-in-class anti-CD122 antibody currently in Phase I development. The acquisition expands argenx's immunology portfolio with a clinically validated programme in vitiligo and coeliac disease and provides a platform for potential development in additional autoimmune conditions.

Field	Content
Alert Type	Deal
Companies	argenx; Forte Biosciences
Deal Type	Acquisition
Asset or Company	Forte Biosciences, including lead asset FB102
Therapy Area(s)	Immunology; Autoimmune diseases; Dermatology; Gastroenterology
Technology or Modality	First-in-class anti-CD122 monoclonal antibody
Deal Value	Approximately $2.2 billion equity value. argenx will acquire all outstanding Forte Biosciences shares through a cash tender offer at $77 per share. No contingent milestone payments were disclosed.
Development Stage	Phase I (FB102)
Geography	Global
What Happened	argenx announced on 27 July 2026 that it had entered into a definitive agreement to acquire Forte Biosciences through a wholly owned subsidiary. The all-cash tender offer values Forte at approximately $2.2 billion ($77 per share). The transaction remains subject to customary closing conditions, including shareholder tender requirements and US antitrust clearance under the Hart-Scott-Rodino Act, and is expected to close in the third quarter of 2026. Following completion, argenx will obtain full ownership of FB102 and Forte's assets.
Why It Matters	The acquisition gives argenx direct access to a differentiated anti-CD122 programme with early clinical proof of concept in vitiligo and coeliac disease, broadening its immunology pipeline beyond its existing portfolio. It also adds a mechanism that targets pathogenic T-cell and NK-cell activity, potentially supporting future development across multiple autoimmune diseases, although further clinical development will determine its ultimate role.
Supporting Context	argenx stated that the acquisition builds on its previous strategic investment in Forte Biosciences. FB102 has reported positive Phase Ib data in vitiligo and previously demonstrated clinical activity in coeliac disease, forming the basis for the acquisition.
Strategic Rationale	argenx gains full control of a clinically validated immunology asset and associated intellectual property, while Forte shareholders receive cash consideration for their shares. The transaction also enables argenx to integrate FB102 into its existing antibody-based immunology portfolio.
Potential Impact	If clinical development is successful, FB102 could broaden argenx's autoimmune pipeline and support development in additional immune-mediated diseases beyond its current indications. Any future commercial impact will depend on subsequent clinical, regulatory and development milestones.
Key Takeaway	The acquisition gives argenx full ownership of an early-stage, first-in-class immunology asset that complements its existing autoimmune disease portfolio.
What to Watch	Completion of the tender offer, satisfaction of regulatory closing conditions, and further clinical development of FB102 in vitiligo, coeliac disease and other autoimmune indications.
Primary Source	https://argenx.com/news/2026/press-release-3333257.html
Relevant Date	27 July 2026

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