argenx Completes Acquisition of Forte Biosciences, Inc.
Rhea-AI Summary
argenx (Euronext & Nasdaq: ARGX) announced completion of its acquisition of Forte Biosciences (Nasdaq: FBRX), adding FB102, a first-in-class anti-CD122 antibody, to its immunology pipeline. FB102 has clinical proof-of-concept in vitiligo and celiac disease and is described as having potential across multiple autoimmune indications.
According to argenx, FB102 complements existing antibody programs such as efgartigimod, empasiprubart, adimanebart and ARGX-121 by targeting pathogenic T-cell and NK-cell activity. argenx completed a cash tender offer through a subsidiary at $77.00 per Forte share. As of expiration, 19,894,879 shares were validly tendered and not withdrawn, which, together with shares already owned by argenx and affiliates, represented approximately 87.13% of Forte’s outstanding common stock. These shares were accepted for payment.
Following the tender offer, argenx completed a merger of its wholly owned subsidiary into Forte. All remaining Forte shares were converted into the right to receive $77.00 in cash per share, subject to tax withholding. Forte became a wholly owned subsidiary of argenx, and Forte’s common stock will cease trading on the Nasdaq Capital Market.
Positive
- Acquisition adds FB102, a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease
- FB102 broadens pipeline with a mechanism focused on pathogenic T-cell and NK-cell activity
- Cash tender offer at $77.00 per share successfully secured approximately 87.13% of Forte’s outstanding shares
- Merger completed; Forte now a wholly owned subsidiary, eliminating closing risk on the transaction
Negative
- Acquisition requires all-cash consideration of $77.00 per Forte share, implying a significant cash outlay for argenx
- Forte common stock will no longer be listed or traded on the Nasdaq Capital Market, removing public-market liquidity for former Forte shareholders
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 06 | Forte tender offer | Positive | +0.8% | Cash tender offer launched for all outstanding Forte shares at $77 per share. |
| Jul 27 | Forte acquisition agreement | Positive | -3.2% | Definitive agreement added FB102 to argenx’s immunology pipeline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The two tag-specific acquisition events produced mixed reactions, with one positive and one negative outcome and an average move of -1.18%.
Key Terms
anti-CD122 antibody medical
clinical proof-of-concept medical
cash tender offer financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Acquisition adds first-in-class anti-CD122 Antibody, FB102, to argenx’s immunology pipeline
August 27, 2026 – 8:50 AM ET
Amsterdam, the Netherlands – argenx (Euronext & Nasdaq: ARGX), a global immunology innovation company today announced the successful completion of the acquisition of Forte Biosciences, Inc. (“Forte”) (Nasdaq: FBRX).
The acquisition expands argenx’s portfolio of differentiated immunology medicines, adding FB102, a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease and potential to address multiple autoimmune diseases. The acquisition reflects argenx’s disciplined approach to identifying and advancing breakthrough science for patients with the potential to redefine standards of care in diseases that have lacked meaningful innovation for decades.
“At argenx, we measure our progress through patient impact, and the Forte acquisition deepens that impact,” said Karen Massey, Chief Executive Officer of argenx. “As we advance toward Vision 2030, our ambition is to build a pipeline that extends our reach for patients across immunology. FB102 does exactly that with a potential first-in-class molecule targeting diseases with few treatment options today. This acquisition marks an important step in our long-term strategy to be the leading immunology innovation company.”
FB102 complements argenx’s existing portfolio of antibody-based programs, including efgartigimod, empasiprubart, adimanebart, and ARGX-121, as well as several additional early-stage molecules, by adding a mechanism focused on pathogenic T-cell and NK-cell activity, broadening the company’s ability to pursue diseases driven by different dimensions of the immune system.
Transaction details
argenx completed the cash tender offer, through a subsidiary, for all the outstanding shares of common stock of Forte at a purchase price of
Following the completion of the tender offer, argenx completed the acquisition of Forte through a merger of argenx’s wholly owned subsidiary with and into Forte, with Forte being the surviving corporation, in which all shares of Forte common stock issued and outstanding at the effective time of the merger were converted into the right to receive cash equal to the
About FB102
FB102 is a proprietary molecule with potentially broad autoimmune and autoimmune-related applications. In June 2025, Forte announced positive data from the FB102 celiac disease study. A Phase 2 celiac disease study has been initiated with data expected in the second half of 2026. Data from a vitiligo trial were reported in July 2026. A Phase 1b alopecia areata trial is ongoing with data expected in the second half of 2026.
About argenx
argenx is a global immunology innovation company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit www.argenx.com and follow us on LinkedIn, Instagram, Facebook, and YouTube.
About Forte
Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company that is advancing FB102, which is a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications.
Contacts
Media:
Ben Petok
bpetok@argenx.com
Investors:
Alexandra Roy
aroy@argenx.com
Forward Looking Statements
The contents of this press release include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements generally can be identified by the use of forward-looking words, such as “aim”, “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Forward-looking statements include, without limitation, statements regarding the tender offer, the merger and other related matters; prospective performance and opportunities; post-closing operations and the outlook for the businesses of Forte and argenx, including, without limitation, results from clinical trials, regulatory applications and related timelines, the ability of argenx to advance Forte’s product pipeline; and any assumptions underlying any of the foregoing. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the effect of the announcement on argenx’s business; the effect of the announcement on Forte’s business, its ability to retain and hire key personnel, its ability to maintain relationships with its suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from argenx’s ongoing business operations; expectations regarding the inherent uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development activities and regulatory approval requirements; the acceptance of its products and product candidates by its patients as safe, effective and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; its reliance on third-party suppliers, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; and regional instability and conflicts.
A further list and description of these and other risks, uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements can be found in argenx’s SEC filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.
