Forte Biosciences (NASDAQ:FBRX) shares surged about 40% to around $76 on Monday after argenx (NASDAQ:ARGX) announced an agreement to acquire the biotechnology company in a deal valued at approximately $2.2 billion.
Under the terms of the agreement, argenx will acquire all outstanding Forte Biosciences shares for $77 per share in cash
The offer represents a premium of about 86% to Forte’s volume-weighted average price since the company reported positive Phase 1b data for its lead program FB102 in vitiligo on July 9, 2026. FB102 is a first-in-class anti-CD122 antibody designed to target pathogenic T-cell and natural killer cell activity. Forte has been developing the therapy for autoimmune diseases, with clinical data generated in vitiligo and celiac disease, and potential applications in additional conditions including alopecia areata. argenx said the acquisition expands its immunology pipeline by adding a new approach to targeting immune-driven diseases.
The company noted that the deal builds on its previous strategic investment in Forte and aligns with its focus on advancing therapies supported by clinical validation. “The acquisition of Forte Biosciences builds on the strength of that foundation and advances our ambition to be the leading immunology innovator of the future,” argenx CEO Karen Massey said in a statement. “The addition of FB102 to our portfolio aligns perfectly with the argenx playbook: compelling biology, strong clinical validation and broad potential to address patient need.” Forte CEO Paul Wagner said that argenx was positioned to accelerate the development of FB102 through its development capabilities and global commercial infrastructure. “By combining FB102’s promising clinical profile with argenx’s proven development expertise, global reach and commercial capabilities, we have a unique opportunity to accelerate its development and maximize its impact for patients living with vitiligo, celiac disease, alopecia areata and other autoimmune…