Argenx to Acquire Forte Biosciences for $2.2 Billion in Cash, a 40.5% Premium, Gaining Anti-CD122 Asset FB102

Argenx announced on July 27, 2026, that it will acquire Forte Biosciences in an all-cash transaction valued at approximately $2.2 billion, or $77 per share. The offer represents a 40.5% premium over Forte's closing price of $54.78 last Friday. This is Argenx's first acquisition since its Nasdaq listing.

As of its latest earnings report, Argenx held $5.2 billion in cash. Its drug Efgartigimod, the world's first FcRn inhibitor, is being developed across 13 indications, including myasthenia gravis, immune thrombocytopenia, chronic inflammatory demyelinating polyneuropathy, and pemphigus.

In April 2026, Argenx invested $150 million in Forte's financing round. The acquisition is primarily driven by Forte's drug FB102, one of the first innovative antibodies targeting CD122. It acts by modulating IL-12/IL-15 signaling pathways to suppress activated T cell and NK cell-mediated inflammatory responses while preserving Treg cell support.

In a Phase 1b study for celiac disease, 24 patients received four doses of 10 mg/kg FB102 and underwent a 16-day gluten challenge. FB102 showed a statistically significant benefit at the composite histological VCIEL endpoint: the placebo group had a mean VCIEL change of -1.849, versus 0.079 in the treatment group (p=0.0099). No patients withdrew, and no grade 3 or higher adverse events occurred.

In an early-stage clinical trial for vitiligo, the FB102 group achieved a mean FVASI score improvement of 29.6% from baseline at week 24, versus 7.9% in the placebo group, yielding a placebo-adjusted benefit of 21.7% (p=0.020). Among patients with higher disease burden (baseline FVASI greater than or equal to 0.75), the FB102 group showed a mean FVASI improvement of 43.2% from baseline at week 24, versus 0.5% in the placebo group, resulting in a placebo-adjusted benefit of 42.7% (p=0.006). No serious adverse events were reported.

Argenx has outlined its "Vision 2030" plan, aiming for 10 approved indications, five pipeline assets advanced into registrational development, and 50,000 patients worldwide receiving its innovative therapies by 2030. The company expands its pipeline through internal research, external partnerships, and strategic acquisitions. In the complement space, it has positioned Empasiprubrat (ARGX-117), the world's first C2 inhibitor to enter Phase 3 development. In neuroimmunology, it has the first-in-class MuSK-targeting agonist antibody Adimanebart (ARGX-119), and early-stage innovative targets such as ARGX-118, which targets Galectin-10.

Argenx CEO Karen Massey stated that the company will continue to evaluate assets at various development stages and under different deal structures, with selection criteria including whether the asset brings new science, enters a new biological field, or has the potential to become a first-in-class molecule or a "pipeline in a product."