argenx and Forte Biosciences have entered into a definitive agreement under which argenx will acquire Forte Biosciences for USD 77 per share in cash, representing a total equity value of approximately USD 2.2 billion.

FB102, Forte Biosciences’ lead program, expands argenx’s portfolio of differentiated immunology medicines, adding a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease and potential to address multiple autoimmune diseases. The acquisition reflects argenx’s disciplined approach to identifying and advancing breakthrough science for patients with the potential to redefine Standards of Care (SoCs) in diseases that have lacked meaningful innovation for decades.

Karen Massey, Chief Executive Officer (CEO), argenx, said, “Our Vision 2030 strategy is well-defined and on track, and our discovery, development and commercialisation engines are delivering real value for patients. The acquisition of Forte Biosciences builds on the strength of that foundation and advances our ambition to be the leading immunology innovator of the future. 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. I am grateful to the Forte Biosciences team for their outstanding work. Together, we look forward to unlocking the full potential of FB102 and accelerating its impact for patients.”

Forte Biosciences recently reported positive phase 1b data in vitiligo, demonstrating statistically significant treatment benefit. In addition, positive FB102 phase 1b data in celiac disease was shared last year, with phase 2 data expected in the second half of this year. These studies were key drivers of argenx’s decision to move from strategic investment to acquisition, providing clinical evidence in indications with significant unmet need and limited treatment options. Beyond celiac disease and vitiligo, FB102 has the potential to address alopecia areata and additional autoimmune diseases, supporting its profile as a potential pipeline-in-a-product opportunity.

Paul A. Wagner, PhD, Chief Executive Officer (CEO) and Chairperson of the Board, Forte Biosciences, said, “We are incredibly proud of what we have achieved in advancing FB102 through clinical development and firmly believe that argenx is the ideal strategic partner to unlock the full potential of this novel anti-CD122 antibody across a broad range of autoimmune diseases. By combining FB102’s promising clinical profile with argenx’s proven development expertise, global reach and commercial capabilities, we have a unique opportunity to accelerate its development and maximise its impact for patients living with vitiligo, celiac disease, alopecia areata and other autoimmune conditions. We are excited about the future of FB102 and the potential to bring this innovative therapy to many more patients worldwide.”

FB102 complements argenx’s existing portfolio of antibody-based programs, including efgartigimod, empasiprubart, adimanebart, and ARGX-121, as well as several additional early-stage molecules, by adding a mechanism focused on pathogenic T-cell and NK-cell activity, broadening the company’s ability to pursue diseases driven by different dimensions of the immune system.

Under the terms of the merger agreement, argenx, through a wholly owned subsidiary, will commence a cash tender offer to acquire all of the outstanding shares of Forte Biosciences’ common stock at a price of USD 77 per share, representing a total equity value of approximately USD 2.2 billion and a premium of approximately 86 percent to Forte Biosciences’ Volume-Weighted Average Price (VWAP) since reporting positive phase 1b data in vitiligo on July 9, 2026.