The star of the takeover is Forte Biosciences’ investigational antibody therapy, FB102, which has shown early potential in vitiligo and celiac disease.
Argenx is picking up Forte Biosciences in a deal that will expand the Dutch company’s portfolio of immunology assets.
Argenx will pay $77 per share of Forte’s common stock—an offer that represents about an 86% premium to the Texas biotech’s volume-weighted average trade price since July 9, when Forte shared early-stage vitiligo findings. All told, the acquisition has a total equity value of around $2.2 billion, according to a Monday release.
The companies expect to close the transaction in the third quarter.
The centerpiece of the buyout is FB102, Forte’s lead asset and an anti-CD122 antibody that has “compelling biology, strong clinical validation and broad potential to address patient need,” argenx CEO Karen Massey said in a prepared statement. The molecule has shown proof-of-concept in both vitiligo and celiac disease and has therapeutic potential in multiple autoimmune diseases, according to argenx.
Earlier this month, Forte announced that FB102 eased disease severity in a Phase 1b vitiligo study versus placebo. Another Phase 1b readout released in June last year demonstrated morphologic and inflammatory improvements in patients with celiac disease.
In April, argenx invested in Forte’s public offering of around $150 million. The data from both Phase 1b studies tipped the scale for the Dutch drugmaker, which said Monday that the trials “were key drivers” of its decision to move from strategic investment to acquisition. The company believes FB102 could be a “pipeline-in-a-product opportunity,” with potential expansion into alopecia areata and other autoimmune conditions.
Once the deal closes, FB102 will join argenx’s other antibody-based assets, including the FDA-approved Vyvgart and its subcutaneous form Vyvgart Hytrulo, both indicated for generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP). The company is also advancing efgartigimod—the active ingredient in Vyvgart—for Graves’ disease, myositis, ocular myasthenia gravis and primary immune thrombocytopenia.
Argenx reported its second quarter earnings results last week, logging $1.5 billion in worldwide sales for the Vyvgart franchise, which represented a 60% year-on-year growth. William Blair called the biotech’s second quarter performance “strong” in a July 23 note and seemed bullish about Vyvgart’s future prospects.
More broadly, argenx’s takeover of Forte tracks with biopharma’s more acquisitive attitude this year. In the first half of 2026, the industry inked more than 50 M&A deals. Eli Lilly leads the pack with more than $25 billion earmarked for these takeover contracts, followed by Gilead with $14.8 billion and GSK with $13.5 billion, according to a BioSpace analysis of H1 dealmaking trends.
