Argenx Acquires Forte Biosciences for $2.2 Billion to Add Phase 2‑Stage Vitiligo and Celiac Drug FB102 to Its Immunology Pipeline

Argenx is acquiring Forte Biosciences for $2.2 billion in cash to gain control of its phase 2-stage autoimmune drug FB102, an anti-CD122 antibody with early clinical promise in vitiligo and celiac disease.

The acquisition price of $77 per share represents an approximately 86% premium to Forte’s volume-weighted average share price since its July 9, 2026 vitiligo data release and about 41% above its last closing price.

FB102 has shown a 29.6% mean improvement in facial repigmentation at week 24 in a 43‑patient phase 1b vitiligo trial versus 7.9% in placebo, with continued benefit after treatment ended and generally mild to moderate adverse events.

The deal is expected to close in the third quarter of 2026, funded entirely from Argenx’s cash on hand and not subject to a financing condition, pending majority share tender and expiry of the Hart‑Scott‑Rodino antitrust waiting period.

Argenx views FB102 as a potential ‘pipeline‑in‑a‑product’ due to its mechanism targeting pathogenic T‑cell and NK‑cell activity while preserving regulatory T cells, with investigational applications also planned in alopecia areata and other autoimmune diseases.