argenx to buy Forte Biosciences for $2.2 billion

• argenx agreed to acquire Forte Biosciences for $77 per share, valuing the company at approximately $2.2 billion.
• Forte shares rose 22.1% to $66.86 in premarket trading following the announcement.
• The acquisition adds autoimmune drug candidate FB102 to argenx’s immunology development pipeline.

argenx (NASDAQ:ARGX) agreed to acquire Forte Biosciences (NASDAQ:FBRX) for $77 per share, valuing the company at $2.2 billion.

The offer represents an 86% premium to Forte’s volume-weighted average price since its July 9 vitiligo data and 41% above Friday’s close.

The cash-funded tender offer requires majority participation and antitrust clearance, with completion expected during the third quarter of 2026.

Following the announcement, Forte Biosciences' share price was up 22.1% at $66.86 in premarket trading.

FB102 produced positive Phase 1b results in vitiligo and celiac disease, with Phase 2 celiac data expected during late 2026.

argenx said FB102 could complement efgartigimod and other antibody programs while supporting research in alopecia areata and additional autoimmune diseases.