Argenx to acquire Unnatural Products for up to $1.15 billion

argenx agreed to acquire the remaining shares of Unnatural Products, adding the biotech’s macrocyclic-peptide discovery platform to its immunology research capabilities. The deal includes $550 million in upfront cash and up to $595 million in development and regulatory milestone payments, for a potential total of about $1.15 billion. argenx says the technology could help it develop oral or long-acting treatments for serious immune-mediated diseases and broaden its approach beyond antibody-based medicines. The acquisition is a bet on an early-stage discovery platform rather than an existing marketed drug, and much of the headline price is contingent on future progress.