Forte Biosciences shareholders get $77 cash per share

Forte Biosciences, Inc. (FBRX) is being acquired by Avena Merger Sub Inc., a wholly owned subsidiary of argenx, through a completed cash tender offer followed by a merger.

Rhea-AI Filing Summary

Forte Biosciences, Inc. (FBRX) is being acquired by Avena Merger Sub Inc., a wholly owned subsidiary of argenx, through a completed cash tender offer followed by a merger. The offer was for $77.00 per share in cash, without interest and subject to withholding taxes.

The offer expired at one minute after 11:59 p.m. Eastern Time on August 26, 2026, and was not extended. As of expiration, 19,894,879 shares had been validly tendered and not withdrawn, which, together with shares owned by argenx and its affiliates, represented approximately 87.13% of outstanding shares, satisfying the Minimum Condition. All tendered shares were accepted, and payment will be made promptly as provided in the offer and merger agreement.

After the offer, the buyer held enough shares to effect a merger under Section 251(h) of the DGCL without a Forte stockholder vote. Purchaser merged into Forte, which survives as a wholly owned subsidiary of argenx, and each remaining share (other than excluded and properly perfected appraisal shares) was converted into the right to receive $77.00 in cash. FBRX shares are expected to cease trading and be delisted from the Nasdaq Capital Market on August 27, 2026, and argenx plans to terminate the registration of the shares and suspend Forte’s reporting obligations under the Exchange Act.

Key Figures

Offer Price per Share: $77.00 per Share Shares Validly Tendered: 19,894,879 Shares Ownership Percentage After Tender: Approximately 87.13% of outstanding Shares +2 more

5 metrics

Offer Price per Share $77.00 per Share Cash consideration for each Forte Biosciences common share in the tender offer and merger

Shares Validly Tendered 19,894,879 Shares Number of shares validly tendered and not withdrawn as of the August 26, 2026 expiration

Ownership Percentage After Tender Approximately 87.13% of outstanding Shares Tendered shares plus shares owned by argenx and affiliates as of expiration

Expiration Date and Time One minute after 11:59 p.m. Eastern Time on August 26, 2026 Scheduled expiration of the Forte Biosciences tender offer

Delisting Date August 27, 2026 Date FBRX shares are expected to cease trading and be delisted from the Nasdaq Capital Market

Key Terms

tender offer, Minimum Condition, Section 251(h) of the DGCL, Offer Price, +2 more

6 terms

tender offer financial

"The Schedule TO relates to the offer by Purchaser to acquire all of the outstanding shares"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

Minimum Condition financial

"the number of Shares validly tendered and not validly withdrawn pursuant to the Offer satisfied the Minimum Condition"

Section 251(h) of the DGCL regulatory

"Purchaser owned sufficient Shares to effect the Merger under Section 251(h) of the DGCL"

Offer Price financial

"right to receive an amount in cash equal to the Offer Price, without any interest"

The offer price is the amount per share that a company or underwriter sets when selling new stock or bonds to investors, like the price tag on an item in a store. It matters because it determines how much investors must pay, shapes the initial market value of the security, and influences whether demand will be strong or weak — which affects early trading performance and potential returns.

Exchange Act regulatory

"intend to take steps to cause the termination of the registration of the Shares under the Exchange Act"

A federal law that sets rules for trading securities on public exchanges, requiring companies and market participants to register, disclose regular financial information, and follow standards that promote honest, orderly markets. For investors, it matters because it creates transparency and legal protections—like stopping insider trading and ensuring timely company disclosures—so you can evaluate risks and rely on consistent rules much as players rely on a referee to keep a game fair.

Nasdaq Capital Market financial

"The Shares are expected to cease to trade on the Nasdaq Capital Market"

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What price is argenx paying per share for Forte Biosciences (FBRX)?

argenx, through Avena Merger Sub Inc., is paying $77.00 in cash per share for all outstanding common shares of Forte Biosciences, without interest and subject to applicable withholding taxes, under the terms of the tender offer and related merger agreement.

How many Forte Biosciences (FBRX) shares were tendered in the offer?

As of the offer’s expiration, 19,894,879 shares of Forte Biosciences common stock had been validly tendered and not validly withdrawn, which, together with shares owned by argenx and its affiliates, represented approximately 87.13% of the then issued and outstanding shares.

Did the Forte Biosciences (FBRX) tender offer meet its minimum condition?

Yes. The number of shares validly tendered and not withdrawn as of the expiration date, together with shares already owned by argenx and its affiliates, satisfied the Minimum Condition required to complete the tender offer and proceed with the merger under the merger agreement.

What happens to Forte Biosciences (FBRX) stock after the merger with argenx?

Following the merger, Forte Biosciences became a wholly owned subsidiary of argenx. Shares of FBRX are expected to cease trading and be delisted from the Nasdaq Capital Market prior to the opening of business on August 27, 2026, and registration under the Exchange Act will be terminated.

How were remaining Forte Biosciences (FBRX) shares treated in the merger?

At the effective time, each issued and outstanding share (other than excluded shares and properly perfected appraisal shares) was converted into the right to receive $77.00 in cash, without interest and subject to applicable withholding taxes, by virtue of the merger under Section 251(h) of the DGCL.

Was a Forte Biosciences (FBRX) stockholder vote required to approve the merger?

No. After the tender offer, the purchaser owned sufficient shares to effect the merger under Section 251(h) of the Delaware General Corporation Law, which allowed the merger to occur without a vote of Forte’s stockholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/27/2026 - 09:29 AM Accepted by SEC EDGAR 08/27/2026 - 09:27 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE TO

TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)

OF THE SECURITIES EXCHANGE ACT OF 1934

Amendment No. 3

FORTE BIOSCIENCES, INC.

(Name of Subject Company (Issuer))

AVENA MERGER SUB INC.

(Offeror)

A Wholly Owned Subsidiary of

ARGENX BV

(Parent of Offeror)

A Wholly Owned Subsidiary of

ARGENX SE

(Parent of Offeror)

(Names of Filing Persons (identifying status as offeror, issuer or other person))

Common Stock, par value $0.001 per share

(Title of Class of Securities)

34962G208

(CUSIP Number of Class of Securities)

Hemamalini (Malini) Moorthy

argenx BV

Industriepark Zwijnaarde 7

9052 Zwijnaarde (Ghent)

Belgium

+31(0)10 70 38 441

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)

Copies to:

Damien Zoubek, Esq.

Oliver J. Board, Esq.

Freshfields US LLP

3 World Trade Center

175 Greenwich Street

New York, NY 10007

(212) 277-4000

 ☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. Check the appropriate boxes below to designate any transactions to which the statement relates:

			☒			Third-party tender offer subject to Rule 14d-1.
			☐			Issuer tender offer subject to Rule 13e-4.
			☐			Going-private transaction subject to Rule 13e-3.
			☐			Amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☒

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

			☐			Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
			☐			Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

This Amendment No. 3 (this “Amendment”) to Schedule TO amends and supplements the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on August 6, 2026 (together with any subsequent amendments and supplements thereto, the “Schedule TO”), by Avena Merger Sub Inc., a Delaware corporation (“Purchaser”) and a wholly owned subsidiary of argenx BV, a private company with limited liability (besloten vennootschap) organized under Belgian law (“Parent”). The Schedule TO relates to the offer by Purchaser to acquire all of the outstanding shares of common stock, par value $0.001 per share (the “Shares”), of Forte Biosciences, Inc., a Delaware corporation (“Forte”), for $77.00 per Share, net to the seller in cash, without interest, subject to any applicable withholding taxes, upon the terms and conditions set forth in the Offer to Purchase, dated August 6, 2026 (as it may be amended or supplemented from time to time, the “Offer to Purchase”) and in the related Letter of Transmittal (as it may be amended or supplemented from time to time, the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer”), copies of which are attached to the Schedule TO as Exhibits (a)(1)(i) and (a)(1)(ii), respectively.

All information contained in the Offer to Purchase (including Schedule I to the Offer to Purchase) and the accompanying Letter of Transmittal is hereby expressly incorporated herein by reference in response to Items 1 through 9 and Item 11 of the Schedule TO and is supplemented by the information specifically provided in this Amendment. This Amendment should be read together with the Schedule TO. Capitalized terms used and not otherwise defined in this Amendment have the meanings given to such terms in the Offer to Purchase.

Items 1 through 9; Item 11.

The disclosure in the Offer to Purchase and Items 1 through 9 and Item 11 of the Schedule TO, to the extent such Items incorporate by reference the information contained in the Offer to Purchase, is hereby amended and supplemented as follows:

“The Offer and related withdrawal rights expired as scheduled at one minute after 11:59 p.m., Eastern Time, on August 26, 2026 (such date and time, the “Expiration Date”), and the Offer was not extended. The Depositary has advised Purchaser that, as of the Expiration Date, 19,894,879 Shares had been validly tendered and not validly withdrawn pursuant to the Offer, representing, together with the shares owned by Parent and its affiliates, approximately 87.13% of the then issued and outstanding Shares. As of the Expiration Date, the number of Shares validly tendered and not validly withdrawn pursuant to the Offer satisfied the Minimum Condition.

Purchaser has accepted all Shares validly tendered and not validly withdrawn pursuant to the Offer, and payment of the applicable Offer Price for such Shares will be made promptly after the Expiration Date in accordance with the terms of the Offer and the Merger Agreement.

Following expiration of the Offer and acceptance for payment of the Shares, Purchaser owned sufficient Shares to effect the Merger under Section 251(h) of the DGCL, without a vote of Forte’s stockholders. Accordingly, following completion of the Offer, Parent and Purchaser effected the Merger in accordance with Section 251(h) of the DGCL, in which Purchaser merged with and into Forte, with Forte surviving the Merger and continuing as a wholly owned subsidiary of Parent.

At the Effective Time, each Share issued and outstanding (other than the Excluded Shares and Shares held by stockholders of record or held by beneficial owners who are entitled to appraisal rights under Section 262 of the DGCL and have properly exercised and perfected their respective demands for appraisal of such Shares in the time and manner provided in Section 262 of the DGCL and, as of the Effective Time, have neither effectively withdrawn nor lost their rights to such appraisal and payment under the DGCL) was converted by virtue of the Merger into the right to receive an amount in cash equal to the Offer Price, without any interest and subject to any applicable withholding of taxes. The Shares are expected to cease to trade on the Nasdaq Capital Market prior to the opening of business on August 27, 2026 and will be delisted from the Nasdaq Capital Market. Parent and Purchaser intend to take steps to cause the termination of the registration of the Shares under the Exchange Act and suspend all of Forte’s reporting obligations under the Exchange Act as promptly as practicable.

On August 27, 2026, Parent issued a press release announcing the expiration of the Offer and the consummation of the Merger. The full text of the press release announcing the expiration of the Offer and the consummation of the Merger is attached as Exhibit (a)(5)(vi) to the Schedule TO and is incorporated herein by reference.”

Item 12. Exhibits.

Item 12 of the Schedule TO is hereby amended and supplemented by adding the following exhibit:

Exhibit No.			Description
(a)(5)(vi)*			Press release issued by argenx SE, dated August 27, 2026.

*
Filed herewith

SIGNATURES

After due inquiry and to the best knowledge and belief of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

			AVENA MERGER SUB INC.
			By:			/s/ Hemamalini (Malini) Moorthy
						Name: Hemamalini (Malini) Moorthy
						Title: Vice President & Secretary
			ARGENX BV
			By:			/s/ Arjen Lemmen
						Name: Arjen Lemmen
						Title: VP Corporate Development & Strategy
			ARGENX SE
Date: August 27, 2026			By:			/s/ Karen Massey
						Name: Karen Massey
						Title: Chief Executive Officer