argenx has entered a definitive agreement to acquire Forte Biosciences for approximately $2.2bn in total equity value.
Approved by both companies’ boards of directors, the transaction is expected to close in the third quarter of 2026, contingent upon standard closing conditions.
The main asset involved is FB102, Forte Biosciences’ first-in-class anti-CD122 antibody, which will be added to argenx’s immunology portfolio. FB102 was evaluated in Phase Ib studies for vitiligo and celiac disease.
These studies were a key factor in deciding to proceed from a strategic investment to acquisition by argenx.
Forte Biosciences expects to release Phase II data for FB102 in the second half of this year.
argenx CEO Karen Massey said: “The acquisition of Forte Biosciences builds on the strength of that foundation and advances our ambition to be the leading immunology innovator of the future.
“The addition of FB102 to our portfolio aligns perfectly with the argenx playbook: compelling biology, strong clinical validation and broad potential to address patient need.
“I am grateful to the Forte Biosciences team for their outstanding work. Together, we look forward to unlocking the full potential of FB102 and accelerating its impact for patients.”
Under the agreement, argenx will begin a cash tender offer, via a wholly owned subsidiary, for acquiring all of the outstanding Forte Biosciences’ common stock shares at $77 per share price.
This represents a premium of around 86% to Forte Biosciences’ volume-weighted average price since announcing positive Phase Ib trial data for vitiligo on 9 July.
The offer will be funded entirely from argenx’s cash on hand and is not subject to financing conditions.
Completion requires the tender of a majority of outstanding Forte Biosciences shares and the expiration of applicable regulatory waiting periods.
The transaction will see FB102 added to argenx’s existing antibody-based programmes, including adimanebart, ARGX-121, efgartigimod, empasiprubart, and several early-stage molecules.
Goldman Sachs International is acting as exclusive financial adviser and Freshfields as legal adviser to argenx. Guggenheim Securities is the exclusive financial adviser to Forte Biosciences, and Wilson Sonsini Goodrich & Rosati is serving as legal counsel.
In July 2024, China’s National Medical Products Administration (NMPA) approved Zai Lab and argenx’s efgartigimod alfa subcutaneous injection (efgartigimod SC), 1,000mg (5.6ml)/vial for the treatment of generalised myasthenia gravis (gMG).
