Argenx plans $2.2B Forte Biosciences deal

Argenx SE agreed to acquire Forte Biosciences for about $2.2 billion in cash, purchasing all outstanding Forte shares at $77 each, funded entirely from Argenx’s available cash. The deal values Forte at roughly $2.2 billion equity and is expected to close in the third quarter of 2026, pending customary closing conditions and a majority tender of Forte shares. Both boards have approved the transaction, and it will involve a cash tender offer followed by a merger with Forte’s shares converted into the same $77 cash consideration. The acquisition adds Forte’s FB102, a first-in-class anti-CD122 antibody with clinical signals in vitiligo and celiac disease, expanding Argenx’s immunology portfolio beyond Vyvgart. Argenx management cites FB102’s potential across autoimmune diseases, including alopecia areata, underscoring a “pipeline in a product” that could broaden long-term growth after Vyvgart’s strong performance. The deal is positioned to diversify Argenx’s product pipeline and accelerate growth, even as Vyvgart remains a key revenue driver for the company.