Argenx Acquires Forte Biosciences for $2.2 Billion
Argenx has agreed to acquire Forte Biosciences in a deal valued at up to $2.2 billion, paying $77 per share — a 41% premium over the firm's closing price on Friday. The acquisition is expected to close by the third quarter and centers around FB102, an experimental drug targeting CD122 with potential for treating multiple immunological conditions. FB102 has shown early promise in celiac disease and vitiligo, with Phase 2 data anticipated later this year. Argenx CEO Karen Massey emphasized the strategic fit of adding FB102 to its portfolio, aligning with the company's focus on strong clinical validation and broad patient impact. The deal reflects a broader trend among biopharma firms leveraging mergers and acquisitions for pipeline expansion. Analysts have noted that while Argenx already held an equity stake in Forte, some were surprised by the timing of the acquisition before more data was available. Nonetheless, FB102 is seen as having significant potential across autoimmune diseases such as alopecia areata.