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argenx (ARGX) is trading modestly lower after agreeing to acquire Forte Biosciences (FBRX) for $77 per share in cash, valuing Forte at approximately $2.2 bln. The deal, which will be funded entirely with cash on hand, is sending FBRX shares sharply higher. The acquisition adds FB102, a first-in-class anti-CD122 antibody with Phase 1b clinical proof-of-concept in vitiligo and celiac disease. FB102 targets pathogenic T-cell and natural-killer-cell activity through CD122 biology, broadening ARGX's immunology pipeline.

• Deal terms: The $77 offer represents an approximately 86% premium to FBRX's volume-weighted average price since its July 9 vitiligo results, reflecting the substantial value ARGX is assigning to FB102's multi-indication potential.
• Strategic fit: Phase 1b studies have demonstrated clinical proof-of-concept in vitiligo and celiac disease, while ARGX sees additional potential in alopecia areata and other autoimmune diseases.
• Clinical evidence: In a placebo-controlled Phase 1b study enrolling 43 patients, FB102 produced a 29.6% mean improvement in facial vitiligo severity at week 24 versus 7.9% for placebo among evaluable patients. The majority of FB102-treated patients continued improving through week 24 after completing the 12-week treatment period, while all reported adverse events were mild or moderate.
• Development outlook: Phase 2 celiac-disease results are expected in the second half of 2026 and will provide the next major test of FB102's efficacy and broader pipeline potential.
• Recent results: ARGX recently reported Q2 global product net sales of $1.5 bln, up 60% yr/yr and 17% sequentially, reflecting continued VYVGART growth. ARGX also launched expanded U.S. labels for VYVGART and VYVGART Hytrulo covering all adult gMG serotypes, while readouts for VYVGART in autoimmune myositis and empasiprubart in MMN remain on track for Q3 and Q4, respectively.

Briefing.com Analyst Insight

ARGX's acquisition of FBRX broadens its immunology platform by adding FB102, a differentiated immune mechanism with encouraging controlled data in vitiligo and celiac disease. The strategic rationale rests on the potential to develop the asset across several autoimmune indications. However, the $2.2 bln price assigns substantial value to a program that remains early in clinical development. Further data will be needed to determine how broadly the initial signals translate beyond the two indications studied to date. Phase 2 celiac-disease results expected later this year will provide the most meaningful near-term validation of the acquisition rationale. Overall, the deal supports ARGX's ambition to become a broader multi-asset immunology company, but its value will likely depend on continued clinical validation of FB102 across multiple indications.