Overview
- The boards of argenx and Forte unanimously approved a definitive agreement that values Forte at about $2.2 billion and will be executed as a $77-per-share cash tender offer.
- Argenx will fund the offer from cash on hand and says the deal is not subject to financing; completion requires a majority of Forte shares to tender and clearance of the Hart-Scott-Rodino waiting period.
- FB102, Forte’s lead program, produced positive Phase Ib results in vitiligo and earlier signals in celiac disease and is the primary reason argenx moved from a prior investment to an acquisition.
- The companies expect the transaction to close in the third quarter of 2026, and Forte plans to report Phase II FB102 data in the second half of 2026 that could affect the program’s value.
- Investors re-priced the companies after the deal with Forte shares jumping roughly 40% and argenx shares slipping slightly, and argenx says the buyout will help diversify revenue and accelerate development for patients with autoimmune diseases.