argenx will acquire Forte Biosciences for $2.2 billion, adding the first-in-class anti-CD122 antibody FB102 after positive Phase 1b data in vitiligo and celiac disease, expanding its autoimmune pipeline.
Written By: Umesh Hanumante,
M.Pharm (Reg. Affairs)
Reviewed By: Pharmacally Editorial Team
argenx has entered into a definitive agreement to acquire Forte Biosciences in an all-cash transaction valued at approximately $2.2 billion, strengthening its immunology portfolio with FB102, an investigational first-in-class anti-CD122 monoclonal antibody. The acquisition follows encouraging Phase 1b clinical results in vitiligo and celiac disease, reinforcing FB102’s potential as a broad autoimmune therapy with applications beyond its initial indications.
Under the agreement, argenx will pay $77 per share in cash, representing an approximately 86% premium over Forte Biosciences’ volume-weighted average share price since the company reported positive Phase 1b vitiligo data on July 9, 2026. The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals and shareholder tender conditions.
FB102 Expands argenx’s Immunology Platform
FB102 is a first-in-class anti-CD122 antibody that targets the beta chain of the interleukin-2 (IL-2) and interleukin-15 (IL-15) receptor complex. CD122 signaling plays a central role in activating pathogenic T cells and natural killer (NK) cells, immune cell populations that contribute to several autoimmune disorders.
By selectively modulating this pathway, FB102 offers a differentiated mechanism that complements argenx’s existing antibody portfolio, which includes efgartigimod, empasiprubart, adimanebart, ARGX-121, and several earlier-stage immunology programs. The addition broadens the company’s ability to target multiple immune pathways involved in chronic autoimmune diseases.
Autoimmune conditions such as vitiligo, celiac disease, and alopecia areata continue to have significant unmet medical needs despite recent therapeutic advances, creating opportunities for new disease-modifying treatments with novel mechanisms.
Positive Early Clinical Data Supported the Acquisition
The acquisition follows positive clinical findings from two Phase 1b studies evaluating FB102.
In vitiligo, Forte Biosciences recently reported statistically significant treatment benefit, providing the first clinical proof-of-concept for CD122 inhibition in the disease.
The company also previously reported positive Phase 1b results in celiac disease, with Phase 2 data expected during the second half of 2026. Together, these studies validated the therapeutic potential of CD122 biology and supported FB102’s profile as a potential “pipeline-in-a-product” capable of treating multiple autoimmune disorders.
Beyond vitiligo and celiac disease, FB102 is also being explored for alopecia areata and additional immune-mediated diseases.
Leadership Highlights Strategic Fit
argenx Chief Executive Officer Karen Massey said the acquisition aligns with the company’s Vision 2030 strategy and strengthens its long-term immunology pipeline by adding a clinically validated program with broad expansion potential.
Forte Biosciences Chief Executive Officer and Chairperson Paul A. Wagner, Ph.D. said argenx’s global development and commercialization capabilities position FB102 for accelerated clinical development across several autoimmune diseases.
Transaction Details and Next Steps
argenx will complete the acquisition through a cash tender offer for all outstanding Forte Biosciences shares. Following the successful tender, a wholly owned argenx subsidiary will merge with Forte Biosciences, and any remaining outstanding shares will convert into the right to receive the same $77 per share cash consideration.
The acquisition will be financed entirely with cash on hand and is not subject to any financing condition. Both companies’ boards of directors have unanimously approved the agreement.
If completed as planned in Q3 2026, the acquisition will add another late-stage clinical asset to argenx’s growing immunology portfolio while advancing development of a novel therapeutic approach targeting CD122 biology across multiple autoimmune diseases.
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About the Writer
Umesh Hanumante (M.Pharm) (LinkedIn) is a pharmacy professional and healthcare writer with a background in Regulatory Affairs, pharmaceutical innovation, and clinical research. He has around two years of industry experience as an Executive PMT at Troikaa Pharmaceuticals Ltd and qualified GPAT 2024. His areas of interest include regulatory compliance, dossier preparation, clinical trials, emerging therapies, and advancements in the global pharmaceutical and healthcare sector.