Argenx Launches Tender Offer for Forte Biosciences at $77 Per Share

A Cash Offer at $77 Per Share

Argenx announced on August 6, 2026 the launch, through its subsidiary Avena Merger Sub Inc., of a tender offer for all outstanding ordinary shares of Forte Biosciences (Nasdaq: FBRX).

The proposed price is $77.00 per share, payable in cash, net to the seller, without interest and subject to applicable tax withholdings. The offer is made pursuant to a merger agreement concluded on July 26, 2026 between Forte, Argenx and the acquiring entity.

Forte Biosciences is developing FB102, an anti-CD122 monoclonal antibody intended for autoimmune and related indications.

Conditions and Timeline of the Transaction

The offer and withdrawal rights will expire at one minute after 11:59 p.m. (Eastern Time) on August 26, 2026, unless extended or terminated early.

The completion of the offer is subject to several conditions, including the Minimum Condition (obtaining a number of shares representing, together with those already held by the acquirer and its affiliates, one share more than 50% of the total outstanding shares) and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The offer is not subject to a financing condition.

Following completion of the offer, the merger will be governed by Section 251(h) of the Delaware General Corporation Law, which does not require a vote of Forte's shareholders. The board of directors of Forte has issued a Schedule 14D-9 statement recommending that its shareholders accept the offer and tender their shares.