Argenx NV ADR (NASDAQ:ARGX) has reached a definitive agreement to buy Forte Biosciences Inc (NASDAQ:FBRX) in a transaction valued at $2.2 billion. Under the terms, Argenx will pay $77 per share in cash for the Dallas-based biotech, a price that represents roughly a 40% premium to Forte's closing share price on the prior Friday.
The acquisition brings a clinical-stage candidate that is being developed for vitiligo and celiac disease, and which the statement characterizes as having potential utility across a wider set of autoimmune conditions. Argenx framed the deal as a way to strengthen and broaden its immunology pipeline as it seeks additional sources of long-term growth beyond its leading product.
Vyvgart has been the driving commercial asset for Argenx, helping to lift the company into the ranks of Europe's fastest-growing biotechnology firms. The medicine holds approvals in multiple autoimmune indications and its ongoing commercial performance contributed to Argenx posting second-quarter results that outpaced expectations.
Management notes that adding Forte's program expands the company's clinical-stage footprint. The acquisition follows a setback late last year when Argenx discontinued a late-stage study evaluating Vyvgart in an eye disease, a move that underscores the variable nature of clinical development even as Vyvgart continues to advance commercially.
Market moves surrounding both companies have been notable. Over the past year Argenx shares have risen by more than 57 percent, while Forte's stock has climbed by over fourfold. Both boards of directors have unanimously approved the transaction, which Argenx said is expected to close in the third quarter of 2026, subject to customary closing conditions.
The agreement reflects a strategic effort by Argenx to supplement Vyvgart-driven revenues with additional clinical-stage assets that may address unmet needs in autoimmune disease. The acquired program's stated focus on vitiligo and celiac disease positions the combined company to pursue broader immunology indications if clinical development and regulatory paths prove favorable.
Details on integration planning, expected near-term milestones for the acquired program, or pro forma financial impacts were not included in the announcement. The timeline to close and the usual approvals remain outstanding as conditions to completing the transaction.