Argenx has agreed to acquire Forte Biosciences for approximately $2.2 billion in cash, adding a clinical-stage antibody targeting a T cell and natural killer cell pathway to its immunology pipeline, according to a joint statement from the companies.
Under the agreement, argenx will acquire Forte Biosciences for $77 per share in cash, representing a total equity value of approximately $2.2 billion. The price represents a premium of approximately 86 percent to Forte Biosciences' volume-weighted average price since the company reported positive Phase 1b data in vitiligo earlier this month.
A pipeline-in-a-product bet on CD122 biology
The acquisition centers on FB102, Forte Biosciences' lead program and a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease and potential to address multiple autoimmune diseases. The candidate targets pathogenic T cell and natural killer cell activity, broadening argenx's ability to pursue diseases driven by different dimensions of the immune system.
For drug developers working in autoimmune disease, the deal signals that validated early clinical data, rather than a fully derisked late-stage asset, is now enough to justify a multibillion-dollar acquisition. Forte Biosciences recently reported positive Phase 1b data in vitiligo showing a statistically significant treatment benefit, and positive Phase 1b data in celiac disease was shared last year, with Phase 2 data expected later this year. Those readouts were described as key drivers of argenx's move from strategic investment to full acquisition.
Karen Massey, CEO of argenx, said in the press release that the acquisition builds on the company's existing foundation and aligns with what she called the argenx playbook of compelling biology paired with strong clinical validation. Paul Wagner, CEO and Chairperson of the board of Forte Biosciences, added that argenx's development expertise and global commercial reach position the companies to accelerate FB102 for patients with vitiligo, celiac disease, alopecia areata and other autoimmune conditions.
Beyond celiac disease and vitiligo, FB102 has potential in alopecia areata and additional autoimmune diseases, supporting its profile as what the companies called a pipeline-in-a-product opportunity — a single asset with the potential to generate multiple approvals across distinct indications. FB102 will sit alongside argenx's existing antibody programs, including efgartigimod, empasiprubart, adimanebart, and ARGX-121, along with several earlier-stage molecules.
The context
The acquisition follows argenx's broader effort to diversify beyond Vyvgart, its approved neonatal Fc receptor blocker and largest commercial product. Vyvgart has been approved to treat generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, with steady sales growth as its label has expanded to cover more patients. The move also comes after argenx discontinued a late-stage trial evaluating Vyvgart in an eye disease last year.
