Forte Biosciences shares surged 39.2% in pre-open trading after argenx disclosed a definitive agreement to acquire the clinical-stage biotech for $77 per share in cash, implying an equity valuation of roughly $2.2 billion.
The proposed acquisition takes the form of an all-cash tender offer that amounts to about a 40% premium over Forte's most recent closing price. The bid is even more pronounced relative to the stock's volume-weighted average price since the company reported positive Phase 1b data in vitiligo on July 9, 2026 - representing an approximately 86% premium to that VWAP.
At the center of the transaction is FB102, the company’s lead candidate. FB102 is described as a first-in-class anti-CD122 antibody and has shown statistically significant efficacy in Phase 1b studies in both vitiligo and celiac disease - two autoimmune conditions for which the article notes there are currently no approved biologic therapies and that present substantial unmet medical need.
The deal formalizes an expansion of a prior strategic relationship between argenx and Forte. Both companies' boards approved the acquisition unanimously, and argenx said it expects the transaction to close in the third quarter of 2026. Financing for the purchase will be provided entirely from argenx's existing cash resources.
Institutional interest had already been building around Forte's pipeline. Barclays initiated coverage of the company's shares with an Overweight rating and a $74 price target days before the acquisition announcement, signaling growing analyst conviction in FB102's clinical potential.
The move came against a constructive market backdrop, with U.S. major indices trading higher on the session - the S&P 500 up 0.9%, the Dow Jones Industrial Average up 0.8%, and the Nasdaq Composite up 1.4% - a tone the article characterizes as risk-on across U.S. equities. Autoimmune-focused biotech assets have been drawing acquisition interest from larger strategic buyers seeking pipeline diversification, a dynamic that the article highlights as making Forte's asset profile attractive to potential acquirers.
Investors reacted to the combination of deal certainty and clinical validation. The hard-cash nature of the $77-per-share tender offer, together with positive Phase 1b results for FB102 in two indications and a generally favorable market environment, pushed Forte's stock sharply higher in pre-market trading. At the time of reporting, the share price was trading just below the announced acquisition price as market participants priced in a high probability of the transaction completing.
Summary
argenx has agreed to acquire Forte Biosciences for $77 per share in an all-cash transaction valuing the company at about $2.2 billion. The offer marks sizable premiums to recent trading levels and follows positive Phase 1b data for Forte's lead program, FB102, in vitiligo and celiac disease. Both boards approved the deal and closing is expected in the third quarter of 2026, funded from argenx's cash.
Key points
- Acquisition price: $77 per share in cash, implying approximately $2.2 billion equity value.
- FB102 is a first-in-class anti-CD122 antibody with statistically significant Phase 1b efficacy in vitiligo and celiac disease.
- Deal received unanimous board approval from both companies and is expected to close in Q3 2026, funded from argenx's existing cash.
Risks and uncertainties
- The timing and completion of the transaction remain subject to closing and other customary conditions - any delay or failure could affect Forte's share price - impacting biotech investors and related equity markets.
- The commercial and clinical prospects of FB102 beyond Phase 1b are not detailed in the article; future clinical outcomes and regulatory developments will influence the longer-term value realized from the acquisition - relevant to biopharma and healthcare investors.
- The article notes broader market sentiment is supportive, but market volatility or a change in risk appetite could alter investor pricing of the deal and related biotech stocks - affecting sector and broader equity market dynamics.