Argenx completes acquisition of Forte Biosciences at 77 dollars per share
The Dutch-based group has finalized the acquisition of the American company at a price of 77 dollars per share. The transaction integrates FB102, an anti-CD122 antibody with clinical data in vitiligo and celiac disease.
Acquisition finalized following successful tender offer
Argenx announced on August 27, 2026 the completion of the acquisition of Forte Biosciences, an American company listed on Nasdaq and specialized in clinical-stage biotherapies. The transaction took place in two stages.
The group first launched a cash tender offer, through a subsidiary, for all ordinary shares of Forte at a price of 77 dollars per share, excluding interest and subject to applicable withholding taxes. At the expiration of the offer, set for one minute after 11:59 p.m. Eastern time on August 26, 2026, 19,894,879 Forte shares had been validly tendered and not withdrawn.
Combined with the shares already held by Argenx and its affiliates, this tender represented approximately 87.13% of the total number of Forte shares issued and outstanding at that date. All of these shares were accepted for payment according to the terms of the offer.
Argenx subsequently completed the acquisition through a merger of its wholly-owned subsidiary with Forte, with the latter being the surviving entity. Following this merger, each Forte share still outstanding was converted into the right to receive a cash amount equal to the offer price of 77 dollars per share. Forte thus became a 100% subsidiary of Argenx, and its shares cease to be listed on the Nasdaq Capital Market. This completion follows the launch of the tender offer, which opened in early August 2026 at the same price.
FB102, an anti-CD122 antibody at the heart of the transaction
The acquisition adds to Argenx the molecule FB102, a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease, with potential in several autoimmune diseases.
FB102 targets the pathogenic activity of T lymphocytes and NK cells. It complements Argenx's existing portfolio, which notably includes efgartigimod, empasiprubart, adimanebart and ARGX-121, as well as several early-stage molecules.
On the clinical front, Forte announced in June 2025 positive data from the celiac disease study. A phase 2 study in this indication has been initiated, with data expected in the second half of 2026. Results from a vitiligo trial were reported in July 2026. A phase 1b trial in alopecia areata is ongoing, with data also expected in the second half of 2026.
A transaction aligned with Vision 2030 strategy
According to Karen Massey, Chief Executive Officer of Argenx, the acquisition is part of the group's trajectory toward its Vision 2030 objective and aims to expand its immunology portfolio. She presented FB102 as a molecule targeting diseases that currently have few therapeutic options.
This transaction comes several days after the announcement on August 17, 2026 of positive primary results from the phase 3 ALKIVIA trial evaluating Vyvgart Hytrulo (efgartigimod) in autoimmune myositis.
