Argenx acquires Forte for $2.2B to get hands on phase 2-stage vitiligo drug
By James Waldron, Angus Liu Jul 27, 2026 6:08am
argenx Forte Biosciences mergers and acquisitions celiac disease
Argenx is spending $2.2 billion to absorb Forte Biosciences for its phase 2-stage vitiligo and celiac disease drug.
The prize for argenx is FB102, an anti-CD122 antibody that demonstrated success in a phase 1b study earlier this month. In that trial, Forte tied FB102 to a 29.6% improvement in a score of facial vitiligo. A readout for phase 2 celiac trial is expected later this year.
Argenx, which has previously invested in Forte, said phase 1 studies of FB102 in both indications were “key drivers” of its “decision to move from strategic investment to acquisition.”
“Beyond celiac disease and vitiligo, FB102 has the potential to address alopecia areata and additional autoimmune diseases, supporting its profile as a potential pipeline-in-a-product opportunity,” argenx said in a July 27 release.
Argenx added that FB102 “complements argenx’s existing portfolio of antibody-based programs,” which includes the blockbuster autoimmune drug Vyvgart as well as the phase 3-stage C2-targeting antibody empasiprubart for multifocal motor neuropathy and chronic inflammatory demyelinating polyneuropathy, alongside the muscle-specific kinase-targeting adimanebart for neuromuscular disease.
“By adding a mechanism focused on pathogenic T-cell and NK-cell activity, [FB102] broaden[s] the company’s ability to pursue diseases driven by different dimensions of the immune system,” argenx explained.
In an interview with Fierce, argenx CEO Karen Massey described CD122 as “a very elegant target with both IL-15 and IL-2 blocking, while also retaining the ability for T regulatory cells to proliferate,” calling that “a real differentiator.”
The molecule arrives at argenx at the right time, Massey explained. After the asset has been “clinically de-risked” with those two phase 1b studies, argenx can “apply our know-how and our playbook around indication selection [and] indication sequencing, about our product presentation playbook and developing subcutaneous” formulation to maximize the value of the asset, she said.
In vitiligo, Incyte already sells the JAK inhibitor cream Opzelura (ruxolitinib), and the company recently halted development of an anti-CD122 drug after testing it in the skin condition. Compared with a topical treatment, a systemic solution like FB102 could deliver better outcomes for patients who have severe disease over a large part of their body, Massey said.
Argenx has been following CD122 for years. Based on its understanding of the mechanism and recent “clinical validation,” Massey said FB102 looks to be a first-in-class asset with best-in-class potential.
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Still, Arjen Lemmen, argenx’s VP of corporate development & strategy, said Forte is not necessarily the “standard level of validation we need to see each and every time” in dealmaking.
“Our role as a biotech innovator is still to take calculated risks,” he said. “And when we do take them on novel target biology, which is our key innovation model, I think the next thing is can we de-risk it in an accelerated way?”
Thanks to the commercial success of Vyvgart, argenx ended the second quarter with $5.2 billion in cash, cash equivalents and other financial assets. That cash balance gives argenx the flexibility to go after the most exciting science, and the company is still looking at assets at different stages under all different types of deal structures, Massey said.
“We don’t assess deals based on the size necessarily,” the CEO said. “What we assess them on is: Are we excited about the science? Is it novel biology? Can we see that it could get a first-in-class molecule, that it could be a pipeline-in-a-product molecule?”
The buyout ends Forte’s story on a happy note, following a tough period in 2022 when the company came under pressure from its top shareholder to liquidate in the wake of its lead atopic dermatitis asset failing a phase 2 trial.
At the time, the investment firm in question was skeptical of Forte’s plans to sink its remaining cash into FB102, but that bet now seems to have paid off.
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“We are incredibly proud of what we have achieved in advancing FB102 through clinical development and firmly believe that argenx is the ideal strategic partner to unlock the full potential of this novel anti-CD122 antibody across a broad range of autoimmune diseases,” Forte CEO Paul Wagner, Ph.D., said in this morning’s release.
“By combining FB102’s promising clinical profile with argenx’s proven development expertise, global reach and commercial capabilities, we have a unique opportunity to accelerate its development and maximize its impact for patients living with vitiligo, celiac disease, alopecia areata and other autoimmune conditions,” Wagner added.
Netherlands-based Argenx is paying $77 per share of Nasdaq-listed Forte, a 40.5% increase on the biotech’s $54.78 closing price on Friday.
Massey also put this morning’s acquisition in the context of the biopharma’s “ Vision 2030” strategy to transform the treatment of severe autoimmune disease. FB102 contributes to that goal, in which argenx aims to have 50,000 patients on therapy by the end of the decade, to be treating 10 different indications, with five molecules in late-stage development.
Editor's Note: The story was updated at 8:25 a.m. ET with additional comments from argenx management during an interview.
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