Forte Biosciences (NASDAQ:FBRX) shares climbed 39.2% in pre-market trading after argenx (NASDAQ:ARGX) announced a definitive agreement to acquire the clinical-stage biotechnology company in an all-cash transaction valued at approximately $2.2 billion.
Under the terms of the agreement, argenx will pay $77 per share in cash, representing a premium of around 40% to Forte’s previous closing price.
FB102 acquisition drives investor optimism
The offer also reflects an approximately 86% premium to Forte’s volume-weighted average share price since the company released positive Phase 1b vitiligo trial results on July 9, 2026.
The acquisition is centred on FB102, Forte’s lead drug candidate and a first-in-class anti-CD122 antibody that has produced statistically significant Phase 1b results in both vitiligo and celiac disease. The therapy targets autoimmune conditions where no biologic treatments have yet been approved.
Argenx said the acquisition will strengthen its immunology pipeline by adding a promising clinical-stage asset with potential applications across multiple autoimmune diseases.
Previous investment paved the way for the deal
The transaction expands on argenx’s earlier strategic investment in Forte and has received unanimous approval from the boards of directors of both companies.
The acquisition is expected to close during the third quarter of 2026 and will be financed entirely using argenx’s existing cash resources.
Analyst support and market strength add momentum
The announcement follows Barclays’ recent initiation of coverage on Forte Biosciences with an Overweight rating and a $74 price target, highlighting growing confidence in the commercial prospects of FB102.
The broader equity market also provided a supportive backdrop, with the S&P 500 rising 0.9%, the Dow Jones Industrial Average gaining 0.8% and the Nasdaq advancing 1.4%, reflecting improving investor appetite for risk.
Interest in autoimmune-focused biotechnology companies has remained strong as larger pharmaceutical groups continue searching for innovative assets capable of expanding their long-term growth pipelines.
With a fully financed $77-per-share cash offer, encouraging clinical data for FB102 and favourable market conditions, Forte Biosciences shares traded just below the agreed acquisition price as investors priced in a strong likelihood that the transaction will be completed.
