argenx announced on July 27, 2026, that it had agreed to acquire clinical-stage biotechnology company Forte Biosciences for approximately $2.2 billion, expanding its antibody portfolio in autoimmune disease.
The joint announcement was issued at 7:00 a.m. Central European Time from Amsterdam and Dallas. Under the agreement, argenx will launch a cash tender offer of $77 per share for all outstanding Forte shares. The acquisition is expected to close in the third quarter of 2026.
The offer represents an approximately 86% premium to Forte’s volume-weighted average share price since the company reported positive Phase 1b vitiligo data on July 9. The deal is not subject to a financing condition and will be funded entirely with cash on hand.
FB102 is the central asset
The strategic focus of the transaction is Forte’s lead candidate, FB102, a monoclonal antibody targeting CD122.
The program is designed to regulate pathogenic T-cell and natural-killer-cell activity associated with autoimmune disease. Phase 1b studies have produced clinical proof-of-concept data in vitiligo and celiac disease, while Phase 2 celiac-disease data are expected in the second half of 2026.
argenx also sees potential applications in alopecia areata and additional autoimmune conditions, supporting a “pipeline-in-a-product” development strategy in which one molecule is evaluated across multiple diseases.
FB102 will complement argenx’s existing antibody portfolio, including efgartigimod, empasiprubart, adimanebart and ARGX-121.
An early-stage acquisition carrying substantial risk
Forte does not yet have an approved commercial product, and FB102 remains in relatively early clinical development. The $2.2 billion valuation therefore reflects the perceived scarcity of immunology assets combining differentiated biology, human clinical signals and multiple potential indications.
For argenx, early ownership provides control over development and worldwide commercialization. It also exposes the company to the possibility that encouraging Phase 1b findings may not be reproduced in larger trials.
The ultimate value of the acquisition will depend on whether FB102 can progress from early proof of concept into a commercially viable treatment platform across several autoimmune diseases.
