Netherlands-based argenx (Euronext & Nasdaq: ARGX) has agreed to acquire Dallas-based Forte Biosciences, Inc. (Nasdaq: FBRX) for USD 77 per share in cash, representing a total equity value of approximately USD 2.2 billion, adding a first-in-class anti-CD122 antibody with Phase Ib proof-of-concept across two autoimmune indications to its immunology portfolio. The deal builds on argenx's prior strategic investment in Forte and adds a T-cell and NK-cell targeting mechanism that complements its existing FcRn-focused franchise.
The transaction is structured as a cash tender offer for all outstanding Forte shares at USD 77 per share, a premium of approximately 86% to Forte's volume-weighted average price since reporting statistically significant Phase Ib vitiligo data on July 9, 2026. The deal is not subject to a financing condition and will be funded entirely from cash on hand. Closing is expected in Q3 2026, subject to tender of a majority of Forte shares and expiration of the Hart-Scott-Rodino waiting period. Both boards have approved the transaction.
FB102 is a monoclonal antibody that targets CD122, the shared beta subunit of the IL-2 and IL-15 receptors, simultaneously modulating both cytokine pathways while, according to Forte, preserving regulatory T cells. This dual-pathway blockade distinguishes it mechanistically from pure IL-15 inhibition. Forte raised USD 150 million in a public offering in April 2026 to advance the asset; Phase Ib data in celiac disease reported in June 2025 demonstrated statistically significant benefit on composite histological endpoints, and the vitiligo Phase Ib showed a placebo-adjusted 21.7% improvement in FVASI at week 24 (p=0.020). A Phase II celiac disease study is ongoing with topline data expected in the second half of 2026. FB102 also holds US FDA Fast Track designation in celiac disease, and Phase Ib data in alopecia areata are expected in 2026.