argenx to acquire Forte Biosciences for $77 per share in cash

argenx and Forte Biosciences announced on July 27, 2026 that they had signed a definitive merger agreement. Under the deal, argenx will acquire Forte Biosciences for $77 per share in cash, valuing the company at roughly $2.2 billion.¹

The structure calls for argenx to launch a tender offer through a wholly owned subsidiary. That offer will target all outstanding shares of Forte Biosciences common stock at $77 per share, a price that works out to about $2.2 billion in equity value and roughly an 86% premium over Forte's volume-weighted average share price measured from July 9, 2026, the date the company disclosed positive Phase 1b vitiligo results.¹

Closing depends on standard conditions. A majority of Forte shares must be tendered, and the waiting period under the Hart-Scott-Rodino Act must expire or be terminated before argenx's subsidiary can merge into Forte Biosciences, converting any untendered shares into the same $77 cash payment.¹ argenx said the deal carries no financing condition and will be paid for entirely out of cash on hand.¹ Both boards have approved the transaction, which the companies expect to close in the third quarter of 2026.¹

On the science, Forte recently reported positive Phase 1b vitiligo data showing a statistically significant treatment benefit, and had previously shared positive Phase 1b celiac disease data last year, with Phase 2 celiac results expected in the second half of this year.¹ Beyond those two indications, the companies said FB102 could also be studied in alopecia areata and other autoimmune diseases.¹

Advisors on the deal include Goldman Sachs International and Freshfields for argenx, and Guggenheim Securities and Wilson Sonsini for Forte Biosciences, according to the filing.