Argenx announced on July 27 that it will acquire Forte Biosciences in a transaction valued at approximately $2.2 billion, aiming to expand its portfolio of immunology assets.
The Dutch company will pay $77 per share of Forte’s common stock, which represents an 86% premium over the Texas biotech’s volume-weighted average trading price since July 9, when Forte reported early-stage findings for vitiligo. The companies expect the deal to close in the third quarter.
The acquisition centers on FB102, Forte’s lead asset and an anti-CD122 antibody. In a prepared statement, argenx CEO Karen Massey said FB102 has “compelling biology, strong clinical validation and broad potential to address patient need.” Argenx said the molecule has shown proof-of-concept in both vitiligo and celiac disease and could have therapeutic potential across multiple autoimmune diseases.
Earlier this month, Forte announced that FB102 reduced disease severity in a Phase 1b study for vitiligo compared with placebo. A separate Phase 1b readout released last June showed morphologic and inflammatory improvements in patients with celiac disease. Argenx had previously invested about $150 million in Forte’s public offering this April and said data from both Phase 1b studies were key drivers behind its decision to move from strategic investment to full acquisition.
Once completed, FB102 will join argenx’s other antibody-based therapies such as Vyvgart and Vyvgart Hytrulo—both approved by the U.S. Food and Drug Administration for generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP). The company is also developing efgartigimod—the active ingredient in Vyvgart—for additional indications including Graves’ disease, myositis, ocular myasthenia gravis, and primary immune thrombocytopenia.
Argenx recently reported second-quarter earnings with worldwide sales of $1.5 billion for the Vyvgart franchise—a year-on-year growth of 60%. According to William Blair’s July 23 note, cited by argenx, analysts are optimistic about Vyvgart's future performance.
