Argenx to acquire Forte Biosciences for US$2.2B to expand immunology pipeline

USA—Belgian-Dutch pharmaceutical company argenx plans to acquire Dallas-based biopharmaceutical firm Forte Biosciences in an all-cash transaction valued at approximately US$2.2 billion, strengthening its position in the development of treatments for autoimmune diseases.

Under the proposed agreement, argenx will pay US$77 per share in cash to acquire all outstanding shares of Forte Biosciences.

The transaction reflects growing investor interest in Forte’s early-stage immunology research, particularly its lead candidate, FB102.

Forte Biosciences focuses on developing FB102, a proprietary molecule that the company believes could address several autoimmune conditions, including celiac disease, vitiligo, alopecia areata and Type 1 diabetes.

The company had 22 employees as of March 31, according to its quarterly financial filing.

Positive clinical data drive deal

Forte has generated encouraging clinical results that appear to have played a central role in attracting argenx’s interest.

In June 2025, the company reported positive results from a study of FB102 in patients with celiac disease.

It expects to release additional data from the Phase 2 trial later this year.

More recently, Forte reported positive results from a clinical study evaluating FB102 in vitiligo.

The company also expects to report data from trials investigating the treatment in alopecia areata later this year.

According to argenx, these clinical developments were key drivers behind its decision to pursue the acquisition.

The company aims to strengthen its position as a leading innovator in immunology by adding FB102 to its existing portfolio of antibody-based therapies.

“Our discovery, development and commercialization engines are delivering real value for patients,” argenx CEO Karen Massey said in a statement announcing the transaction.

“The addition of FB102 to our portfolio aligns perfectly with the argenx playbook: compelling biology, strong clinical validation and broad potential to address patient need.”

Argenx’s pipeline already includes several antibody-based programmes, including efgartigimod, empasiprubart, adimanebart and ARGX-121.

The acquisition of Forte will add another clinical-stage immunology programme to the company’s development portfolio.

Forte remains pre-revenue

Forte Biosciences remains at the clinical development stage and has yet to generate revenue.

The company reported a US$69 million loss in 2025 as it continued to invest in research and clinical development.

Following news of the acquisition, investor sentiment around Forte improved sharply.

Its shares rose by nearly 40% to approximately US$76 after the announcement, moving closer to argenx’s offer price of US$77 per share.

Meanwhile, argenx’s shares declined by about 3%, closing at US$888.82 on Monday.

Forte CEO Paul Wagner said the acquisition would combine the company’s promising clinical results with argenx’s more established drug development capabilities.

“We are excited about the future of FB102 and the potential to bring this innovative therapy to many more patients worldwide,” Wagner said in a statement.

Transaction expected to close in third quarter

The boards of directors of both companies have approved the proposed transaction.

The acquisition remains subject to customary closing conditions and is expected to close in the third quarter of 2026.

If completed, the deal will give argenx control of FB102 and its ongoing clinical development programmes, while providing Forte shareholders with US$77 in cash per share held.