Overview
- argenx has agreed to acquire all outstanding shares of Forte Biosciences for $77 per share in an all‑cash tender offer that values the company at about $2.2 billion and will be funded from argenx’s cash on hand.
- The boards of both companies have approved the transaction and argenx will begin the tender offer process; closing is expected in the third quarter of 2026 if a majority of Forte shares are tendered and U.S. antitrust clearance is received.
- The acquisition is driven by FB102, Forte’s lead drug candidate, which is a first‑in‑class antibody that targets CD122 and showed positive Phase 1b signals in vitiligo and earlier positive Phase 1b data in celiac disease.
- A Phase 2 readout for FB102 in celiac disease is expected in the second half of 2026 and could materially affect clinical and commercial plans after the deal closes.
- Forte shares jumped on the announcement and the offer represents a substantial premium to recent trading; companies warned of customary risks including regulatory clearance, tender participation, clinical outcomes and integration challenges.