argenx completes Forte Biosciences takeover, adds first-in-class anti-CD122 antibody

Overview

Updated Aug 27

argenx, a Belgian immunology company, closed its $2.2 billion takeover of Forte Biosciences on August 27, 2026. Forte is now a wholly owned subsidiary and its shares have been delisted from Nasdaq.

The all-cash deal, at $77 per share, hands argenx FB102, a first-in-class anti-CD122 antibody with early proof-of-concept in vitiligo and celiac disease. argenx paid before late-stage data was in, betting the drug can expand into multiple large autoimmune markets.

Why it matters

argenx bet $2.2 billion that FB102 can crack large autoimmune markets where few new treatments have emerged in decades.

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Key Indicators

$2.2B

Total equity value

Aggregate consideration paid by argenx, funded from cash on hand.

$77.00

Offer price per share

Approximately 86% above Forte's average price since its July 9 vitiligo data.

87.13%

Shares tendered

Shares validly tendered plus those already owned by argenx affiliates.

19,894,879

Shares tendered

Shares validly tendered and not withdrawn by the August 26 expiration.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Tim Van Hauwermeiren

Chief executive, argenx

Led the acquisition to closing

Paul A. Wagner

Chief executive, Forte Biosciences

Stepped down as director when the merger closed

Organizations Involved

argenx

Biopharmaceutical company

Acquirer; Forte now a wholly owned subsidiary

Belgian immunology company, legally argenx BV, operating from Amsterdam.

Forte Biosciences

Biotechnology company

Acquired; shares delisted from Nasdaq

Texas biotech developing FB102, a first-in-class anti-CD122 antibody.

Timeline

June 2025 August 2026

6 events Latest: August 27th, 2026 · 2 months ago

Tap a bar to jump to that date

August 2026
Merger completes; Forte becomes argenx subsidiary
Latest Deal

The merger closed under Delaware law without a stockholder vote, converting all remaining shares into $77 cash.
August 27th, 2026
Tender offer expires; 87.13% of shares tendered
Deal

19,894,879 shares were validly tendered, passing the condition of more than half of outstanding shares.
August 26th, 2026
argenx launches cash tender offer
Deal

The tender offer opened to buy all outstanding Forte shares at $77 each.
August 6th, 2026
July 2026
argenx and Forte sign merger agreement
Deal

argenx agreed to pay $77 per share in cash, valuing Forte at about $2.2 billion, an 86% premium to its recent average price.
July 26th, 2026
Forte reports positive Phase 1b vitiligo data
Clinical

Early-stage vitiligo results lifted Forte's shares and set the premium that argenx later paid.
July 9th, 2026
June 2025
Forte posts positive FB102 celiac disease data
Clinical

Forte announced positive data from the FB102 celiac disease study, an early sign the antibody works beyond skin conditions.
June 15th, 2025

Scenarios

argenx posts positive Phase 2 celiac data for FB102

Possible Resolves by End of 2026

Discussed by: argenx corporate statements; deal coverage in BioSpace and MedCity News

Phase 2 celiac disease data are expected in the second half of 2026. Positive topline results would validate FB102's mechanism in a second indication beyond vitiligo and support moving into late-stage trials. It would be the clearest early measure of whether the $2.2 billion bet is paying off.

FB102 advances in alopecia areata after Phase 1b readout

Possible Resolves by End of 2026

Discussed by: argenx pipeline disclosures; analysis by Drug Discovery News

A Phase 1b alopecia areata trial is ongoing with data expected in the second half of 2026. A clean readout would let argenx push FB102 into Phase 2 for a third autoimmune indication, reinforcing the drug's position as a multi-disease platform rather than a single-asset bet.

FB102 stumbles in pivotal testing, argenx writes down the deal

Unlikely Resolves by End of 2026

Discussed by: market observers noting the price is an unproven-asset bet

If the Phase 2 celiac study misses or the alopecia readout disappoints, the value of the asset erodes and argenx could face an impairment charge. The deal's $77-per-share price was set on early-stage data, leaving it exposed to a failed later-stage trial.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

June 2023

Eli Lilly acquires Dice Therapeutics (2023)

Eli Lilly agreed to pay about $2.4 billion for Dice Therapeutics, a small biotech whose oral IL-17 inhibitor for psoriasis had shown mid-stage promise but no approved product. Lilly paid a large premium for a single, unproven autoimmune asset.

Then

Lilly closed the deal and folded Dice's oral IL-17 candidate into its immunology pipeline alongside its injectable drugs.

Now

The deal showed large pharma paying billions for one mid-stage autoimmune candidate to expand beyond established injectable franchises.

Why this matters now

argenx's buyout of Forte follows the same pattern: a large immunology player paying billions for one mid-stage autoimmune antibody with blockbuster potential.

March 2015

AbbVie acquires Pharmacyclics (2015)

AbbVie agreed to pay about $21 billion for Pharmacyclics, buying ibrutinib (Imbruvica), a single blood-cancer drug with rapidly growing sales. The price was a bet on one molecule rather than a diversified pipeline.

Then

Imbruvica became a blockbuster, generating billions in annual revenue and anchoring AbbVie's oncology franchise.

Now

The deal became a benchmark for single-asset acquisitions that pay off when a drug expands across multiple indications.

Why this matters now

FB102 is positioned as one mechanism with potential across several autoimmune diseases. argenx is running the same expansion playbook, paying upfront for a platform it hopes will reach multiple markets.