argenx to buy Forte Biosciences for $2.2 billion

argenx has signed a definitive agreement to acquire Forte Biosciences in an all-cash transaction valuing Forte at approximately $2.2 billion. Forte shareholders are set to receive $77 per share in cash. The agreement has been approved by the boards of directors of both companies. argenx plans to fund the acquisition entirely from its existing cash on hand, and the transaction is not subject to a financing condition.

The $77 per-share offer represents a premium of approximately 86% to Forte Biosciences’ volume-weighted average price since Forte reported positive Phase 1b vitiligo data on July 9, 2026. The acquisition is expected to close in the third quarter of 2026, subject to the satisfaction of customary closing conditions. argenx will host an investor conference call and webcast at 8:00 a.m. ET today to discuss the transaction and its strategic implications for the company’s pipeline.

The acquisition will be implemented through a cash tender offer by a wholly owned subsidiary of argenx to purchase all outstanding Forte Biosciences shares for $77 per share. Following a successful tender, the subsidiary will merge with Forte, and any Forte shares not tendered in the offer will be converted into the right to receive the same $77 per share in cash. This two-step structure is designed to complete the acquisition efficiently once key thresholds are met.

Completion of the tender offer is subject to customary conditions, including the tender of at least a majority of Forte’s outstanding shares. The transaction is also conditioned on the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. These requirements must be satisfied before the acquisition can close in the anticipated timeline in the third quarter of 2026.

A central rationale for the acquisition is Forte Biosciences’ lead program, FB102. FB102 is described as a first-in-class anti-CD122 monoclonal antibody that targets pathogenic T-cell and natural killer (NK) cell activity. Forte has reported positive Phase 1b data for FB102 in vitiligo, demonstrating a statistically significant treatment benefit. This clinical result underscores the program’s potential in immunology-driven skin disease.

Forte previously shared positive Phase 1b data for FB102 in celiac disease, further supporting the asset’s potential across immune-mediated conditions. Phase 2 data in celiac disease are expected in the second half of 2026, providing a key upcoming milestone for the program. By adding FB102 to its immunology pipeline, argenx aims to strengthen its position in autoimmune and inflammatory diseases, with multiple readouts anticipated after the transaction closes.

Several financial and legal advisors are supporting the transaction on both sides. Goldman Sachs International is serving as exclusive financial advisor to argenx, with Freshfields LLP acting as its legal advisor. Forte Biosciences is being advised by Guggenheim Securities, LLC as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati, P.C. as legal counsel. These advisory teams are expected to assist in navigating regulatory processes and closing steps for the deal.