Argenx (ARGX) Looks Beyond FcRn with $2.2 Billion Acquisition of Forte Biosciences

Argenx (ARGX) is making a significant move to broaden its immunology pipeline, agreeing to acquire Forte Biosciences (FBRX) for approximately $77 per Forte share, representing approximately $2.2 billion in total equity value. The transaction will be funded entirely with cash on hand and is not subject to a financing condition.

The centerpiece of the acquisition is FB102, a first-in-class investigational antibody targeting CD122, a receptor involved in regulating T cells and natural killer (NK) cells. By targeting CD122, FB102 is designed to address a different component of autoimmune disease biology than argenx's established FcRn franchise.

Argenx built its commercial foundation around VYVGART and inhibition of FcRn, which reduces pathogenic IgG antibodies. FB102 expands the company's approach by targeting pathogenic T-cell and NK-cell activity, potentially giving argenx another way to address autoimmune diseases driven by different components of the immune system.

Forte has reported positive Phase 1b results for FB102 in both vitiligo and celiac disease. Most recently, the company reported a statistically significant treatment benefit in vitiligo following a 12-week treatment period.

Additional Phase 2 celiac disease data are expected in the second half of 2026, providing an important upcoming test of the asset's potential.

Beyond vitiligo and celiac disease, the company sees potential applications in alopecia areata and additional autoimmune diseases. If the CD122 mechanism translates across multiple indications, FB102 could potentially become another "pipeline-in-a-product" for argenx.

Argenx has built a rapidly growing commercial franchise around VYVGART while simultaneously trying to create multiple new immunology franchises. Acquiring Forte adds a clinically validated mechanism that complements—rather than duplicates—its existing FcRn programs.