argenx agrees to acquire Forte Biosciences for $2.2 billion
Forte Biosciences (NASDAQ:FBRX) shares surged approximately 40% after argenx (NASDAQ:ARGX) announced a deal to acquire the biotechnology company in an all-cash transaction valued at around $2.2 billion, or $77 per share. The offer represents an 86% premium compared to Forte's volume-weighted average price since it released positive Phase 1b data for its lead candidate FB102 on July 9. FB102 is a first-in-class anti-CD122 antibody being developed for autoimmune diseases, including vitiligo and celiac disease. The acquisition expands argenx's immunology pipeline by adding new therapeutic approaches to immune-driven conditions. Both companies highlighted the strategic fit of combining FB102 with argenx’s development capabilities and global infrastructure. Despite the positive news for Forte, argenx shares fell 2% following the announcement as investors digested the financial implications.
Topics: Biotechnology Immunology Pharmaceuticals