Live News • Jul 29
argenx to Acquire Forte Biosciences for $2.2 Billion in Immunology Deal argenx has agreed to acquire Forte Biosciences for about US$2.2 billion in total equity value, with the deal expected to close in the third quarter of 2026 subject to standard closing conditions. The acquisition is expected to bring Forte’s anti-CD122 antibody FB102 into argenx’s immunology portfolio.
This transaction is material for Forte Biosciences because it effectively transfers FB102 to a larger immunology platform, which can influence how the asset is funded, developed and potentially commercialized.
Forte Biosciences shares trade at US$76.53, with the stock up 259.0% over the past 30 days, reflecting a sharp repricing ahead of the proposed acquisition.
The key focus now is deal risk. Investors will be watching regulatory approvals, timing to close and any potential shifts in terms, since the investment case largely hinges on the transaction completing as agreed. Announcement • Jul 29
argenx SE (ENXTBR:ARGX) entered into a definitive agreement to acquire Forte Biosciences, Inc. (NasdaqCM:FBRX) for $1.6 billion. argenx SE (ENXTBR:ARGX) entered into a definitive agreement to acquire Forte Biosciences, Inc. (NasdaqCM:FBRX) for $1.6 billion on July 26, 2026. Under the terms of the offer, argenx SE will commence a cash tender offer to acquire all of the outstanding shares of Forte Biosciences’ common stock at a price of $77 in cash per share, representing a total equity value of approximately $2.2 billion. The transaction will be funded entirely from cash on hand. Following the successful completion of the tender offer, a wholly owned subsidiary of argenx will merge with Forte Biosciences and the outstanding Forte Biosciences shares not tendered in the tender offer will be converted into the right to receive the same $77 per share in cash paid in the tender offer. In case of termination of the transaction, seller will be required to pay argenx SE a termination fee of $65 million.
The transaction is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of Forte Biosciences, and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The deal has been approved by the board of directors of argenx SE and Forte Biosciences, Inc. The acquisition is expected to close in Q3 2026.
Goldman Sachs International acted as exclusive financial advisor to argenx SE. Damien Zoubek and Oliver J. Board of Freshfields US LLP acted as legal advisor to argenx SE. Guggenheim Securities, LLC acted as exclusive financial advisor to Forte Biosciences, Inc. Rob Ishii, Remi Korenblit, Dan Koeppen, Ben Capps, Rob Wernli, Megan Schilling, Brandon Gantus, Michael Hostetler, Minyoung Shin, Mark Bellomy, Joshua Gruenspecht, Anne Seymour, Eva Yin, Matthew Staples, Michael O'Brien, Myra Sutanto Shen, Jamillia Ferris, Michelle Yost Hale, and Deirdre Carroll of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to Forte Biosciences, Inc. Computershare Trust Company, National Association acted as transfer agent for Forte Biosciences, Inc. Price Target Changed • Jul 27
Price target increased by 12% to US$71.60 Up from US$63.75, the current price target is an average from 5 analysts. New target price is 6.4% below last closing price of US$76.50. The company is forecast to post a net loss per share of US$3.97 next year compared to a net loss per share of US$4.71 last year. 
