argenx Acquires Forte Biosciences for $2.2 Billion in Cash
On July 27, argenx SE announced a definitive all-cash acquisition of clinical-stage biotech company Forte Biosciences at $77 per share, valuing the deal at over $2.2 billion. The purchase price represents an 86% premium to Forte's volume-weighted average pricing following its successful Phase 1b vitiligo trial results in July. The target asset is FB102, a first-in-class anti-CD122 antibody that showed significant improvement in vitiligo patients. argenx’s strong financial position—$4.9 billion in cash and $366 million net profit for Q1 2026—supports the acquisition as part of its strategy to diversify beyond Vyvgart, which drives most of its revenue. The deal reflects a broader trend where biopharma companies are prioritizing high-conviction clinical assets amid macroeconomic and policy shifts. Institutional investors have shifted their focus from argenx’s mature commercial pipeline toward Forte's promising early-stage asset.
Topics: biopharma clinical trials immunology vitiligo