argenx Launches $2.2B Tender Offer for Forte Biosciences at $77/Share
ARGX sits 38% above its 52-week low of $631.47.
Summary
argenx SE formally launched its $2.2 billion all-cash tender offer for Forte Biosciences at $77.00 per share. The offer expires August 26, 2026, and the Forte board unanimously recommends stockholders tender their shares.
Key Events · M&A and Partnerships · ARGX
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Tender Offer Commenced
Through its subsidiary Avena Merger Sub Inc., argenx SE formally launched a tender offer to acquire all outstanding shares of Forte Biosciences for $77.00 per share in cash, valuing the deal at approximately $2.2 billion. The offer expires on August 26, 2026.
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Forte Board Unanimously Recommends Tender
The Forte board unanimously determined the offer is fair and in the best interest of stockholders, recommending they tender their shares. Directors and executive officers, holding ~1% of shares, have agreed to tender.
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No Financing Condition; Cash on Hand
The offer is not subject to any financing condition. argenx expects to fund the $2.2 billion purchase price entirely with cash on hand, reflecting its strong balance sheet.
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HSR Waiting Period Expires August 18
The required HSR Act filings were made on August 3, 2026, and the waiting period is set to expire on August 18, 2026, unless extended or terminated early.
Analysis · ARGX · Life Sciences
argenx SE has formally launched its all-cash tender offer to acquire Forte Biosciences for $77.00 per share, a deal valued at approximately $2.2 billion. The offer is now open and will expire on August 26, 2026, unless extended. This follows the July 27 announcement and represents the definitive step to acquire Forte's anti-CD122 antibody FB102, which has shown promise in autoimmune indications. The Forte board unanimously recommends stockholders tender their shares. The transaction is not subject to a financing condition, and argenx expects to fund it with cash on hand. The HSR waiting period is set to expire on August 18, 2026. If the minimum tender condition is met, argenx will complete a second-step merger without a stockholder vote, taking Forte private. The deal includes a $65 million termination fee payable by Forte under certain circumstances.
At the time of this filing, ARGX was trading at $868.54 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $54.1B. The 52-week trading range was $631.47 to $953.58. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.