Pharma BD Deal Intelligence

argenx SE / Forte Biosciences, Inc.

2026 · Acquisition/Merger · $2.2B · Pending

argenx SE agreed on 2026-07-27 to acquire Forte Biosciences, Inc. via an all-cash tender offer of $77.00 per share, valuing Forte at approximately $2.2 billion in equity value. The transaction adds FB102, a first-in-class anti-CD122 antibody, to argenx's immunology pipeline. Forte reported positive Phase 1b vitiligo data on 2026-07-09; the offer represents an approximately 86% premium to Forte's volume-weighted average price since that readout. FB102 has clinical proof-of-concept in vitiligo and celiac disease. The tender offer is not subject to a financing condition and will be funded from cash on hand; closing is conditioned on a majority of shares tendered and expiration of the HSR waiting period.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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