argenx (ARGX) M&A announcement summary

Deal rationale and strategic fit

• Acquisition adds FB102, a first-in-class anti-CD122 antibody, to the immunology pipeline, supporting ambitions to become a leading innovator across multiple autoimmune diseases and aligning with Vision 2030.

• FB102 offers clinical proof of concept in vitiligo and celiac disease, with potential for broader application in other autoimmune conditions, including alopecia.

• The deal aligns with a disciplined approach to accessing novel biology and building a pipeline across multiple immune system targets.

• FB102 complements existing assets by targeting pathogenic T and NK cells while preserving regulatory T cells, broadening the immunology portfolio.

• Proven development and market-building experience supports integration and maximizes the impact of Forte's assets.

Financial terms and conditions

• Cash tender offer to acquire all outstanding shares of Forte for $77 per share, totaling approximately $2.2 billion in equity value.

• The offer represents an 86% premium to Forte's VWAP since positive Phase 1b vitiligo data (July 9, 2026).

• Transaction funded entirely from cash on hand and not subject to a financing condition.

• Approved by both companies' boards, expected to close in Q3 2026, subject to customary closing conditions.

Synergies and expected cost savings

• Acquisition expected to maximize the impact of FB102 for patients by leveraging established product development and commercialization capabilities.

• Opportunity to apply proven product presentation strategies and expand into underserved markets.

• Pursuit of differentiated biology to sustain long-term growth trajectory and advance a broad, growing pipeline.

• Combining FB102's clinical profile with development expertise and global reach is expected to accelerate development.

• The acquisition is seen as a pipeline-in-a-product opportunity, potentially addressing multiple autoimmune conditions.