argenx to acquire Forte for $2.2B, adding anti-CD122 antibody FB102
Illustration (decorative, not data).Summary
FB102 is a first-in-class anti-CD122 (IL-2/IL-15 receptor β chain) monoclonal antibody designed to suppress the activity of pathogenic T cells and NK cells. Phase 1b vitiligo data released on July 9 showed a statistically significant benefit; a Phase 1b in celiac disease was reported positive in 2025, Phase 2 data are expected in the second half of 2026, and alopecia areata is also a planned direction. The price represents a premium of about 86% to the volume-weighted average price after the vitiligo data. argenx built its business on the FcRn inhibitor Vyvgart; this deal extends its immunology footprint from B-cell/antibody-mediated diseases to T-cell-driven skin and gut diseases.
Deal terms, as disclosed
$77 per share cash tender offer, no milestones; expected to close in Q3 2026.
Summary of public disclosures, not investment advice. Amounts are as announced; milestone payments are contingent and may never be paid.
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