Belgium-founded biotechnology company, argenx, has signed a definitive agreement to acquire US-based Forte Biosciences for $77 per share in cash, representing a total equity value of approximately $2.2 billion.
The deal forms part of argenx’s plans to advance breakthrough science – backed by an ambition to redefine care standards for diseases that have gone decades without much meaningful innovation – and builds on its prior investment in Forte Biosciences.
“Our Vision 2030 strategy is well-defined and on track, and our discovery, development and commercialisation engines are delivering real value for patients,” shares CEO Karen Massey. “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.”
What makes her especially proud of this milestone is that it reflects the strength of the foundation argenx has built: “...enabling us to identify transformative opportunities and move decisively when the science and the patient need align”.
Through Forte Biosciences’ lead programme, FB102, argenx will expand its portfolio of differentiated immunology medicines. “FB102 is a compelling addition to our pipeline,” Karen explains. “With compelling biology, strong clinical validation in vitiligo and celiac disease, and the potential to address multiple autoimmune diseases, it represents exactly the kind of differentiated science we seek – innovative science with the opportunity to make a meaningful difference for patients.”
A key driver behind argenx’s decision to move from investor to acquirer was the positive results surrounding Phase 1b data in celiac disease in 2025 and in vitiligo this year (2026), with Phase 2 data expected in the second half of this year. Beyond celiac disease and vitiligo, FB102 also has the potential to address alopecia areata and additional autoimmune diseases.
“We are incredibly proud of what we have achieved in advancing FB102 through clinical development and firmly believe that argenx is the ideal strategic partner to unlock the full potential of this novel anti-CD122 antibody across a broad range of autoimmune diseases,” says Forte Biosciences CEO and chairperson Paul A. Wagner. “We are excited about the future of FB102 and the potential to bring this innovative therapy to many more patients worldwide.”
According to the terms of the agreement, argenx will commence a cash tender offer to acquire – through a wholly-owned subsidiary – all the outstanding shares of Forte Biosciences’ common stock at a price of $77 per share, representing a total equity value of approximately $2.2 billion and a premium of approximately 86% to Forte Biosciences’ volume-weighted average price (VWAP) since reporting positive Phase 1b data in vitiligo on 9 July 2026.
argenx is being advised by Goldman Sachs International (finance) and Freshfields LLP (legal). On Forte Biosciences’ counsel sits Guggenheim Securities, LLC (finance) and Wilson Sonsini Goodrich & Rosati (legal).
Although the boards of directors of both companies have approved the transaction, the deal is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of Forte Biosciences and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
