Argenx Swoops on Forte Biosciences in $2.2 Billion Immunology Bet

Forte Biosciences (FBRX) shares rocketed higher Monday after the company agreed to sell itself to Belgian-Dutch immunology specialist argenx (ARGX) in a deal valued at roughly $2.2 billion. Investors reacted immediately, driving Forte’s stock up about 39% in premarket trading, while argenx’s Nasdaq-listed shares slipped a modest 0.7%.

Key Points

• Argenx (ARGX) agreed to acquire Forte Biosciences (FBRX) in a deal worth roughly $2.2 billion.
• The offer values Forte at $77 per share in cash, structured as a tender offer followed by a merger.
• That price marks an ~86% premium to Forte’s volume-weighted average price as of July 9.
• Forte shares jumped ~39% in premarket trading; argenx shares dipped ~0.7%.
• The prize is FB102, Forte’s lead candidate for vitiligo and celiac disease, with potential in alopecia areata and other autoimmune conditions.
• Phase 2 celiac data is expected in the second half of this year, and the deal should close in Q3.

How the Deal Works

To acquire the company, a wholly owned argenx subsidiary will launch a cash tender offer for all Forte shares at $77 apiece. Once the tender offer closes, a merger will follow, and any shares that holders do not tender will convert into the right to collect the same $77 per share in cash.

Notably, that price represents a premium of roughly 86% over Forte’s volume-weighted average price as of July 9 — a sizable markup that explains why the stock leapt on the news. Both companies expect to complete the transaction in the third quarter.

Why Argenx Wants Forte

Above all, the acquisition hands argenx control of FB102, Forte’s lead program targeting vitiligo and celiac disease. So far, the candidate has delivered encouraging results: a Phase 1b vitiligo trial showed a statistically “significant treatment benefit,” and the company also reported positive Phase 1b data in celiac disease last year. Looking ahead, argenx expects Phase 2 celiac results in the second half of this year.

Moreover, the program could stretch well beyond those two indications. According to the companies, FB102 also has the potential to address alopecia areata and additional autoimmune diseases — precisely the kind of broad optionality that fits argenx’s expansion strategy in immunology.

What Management Is Saying

Argenx Chief Executive Karen Massey framed the purchase as a natural extension of the company’s approach. “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,” she said, adding that the combined team aims to accelerate the drug’s impact for patients.

Likewise, Forte CEO Paul Wagner emphasized the strategic fit. By pairing FB102’s clinical profile with argenx’s development expertise, global reach and commercial muscle, he argued, the two sides can speed the candidate toward patients faster than Forte could alone.

Investors Note

For Forte investors, the offer delivers a substantial, near-term cash payout. For argenx, meanwhile, the deal deepens an already ambitious immunology pipeline at a moment when autoimmune therapies remain fiercely contested. As a reminder of where Forte stands financially, the company posted a first-quarter net loss of $1.24 per share in May, narrowing slightly from a $1.37 loss a year earlier — underscoring why a well-capitalized partner like argenx makes strategic sense.