argenx to Acquire Forte Biosciences for $77/Share in $2.2B All-Cash Deal
FBRX has more than doubled off its 52-week low of $9.1.
Summary
argenx will acquire Forte Biosciences for $77 per share in cash, a ~$2.2 billion deal that delivers an 86% premium and validates FB102's potential in vitiligo and celiac disease.
Key Events · M&A and Partnerships · FBRX
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Definitive Acquisition Agreement
argenx BV will acquire all outstanding shares of Forte Biosciences for $77.00 per share in cash, a total equity value of approximately $2.2 billion, representing an 86% premium to the VWAP since the positive Phase 1b vitiligo data release on July 9, 2026.
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Transaction Structure
The acquisition will be completed via a two-step process: a cash tender offer for all outstanding shares, followed by a merger under Section 251(h) of the DGCL without a stockholder vote. The tender offer is conditioned on at least a majority of shares being tendered and HSR clearance.
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Board Recommendation and Support
The Forte Biosciences board unanimously recommends stockholders tender their shares. Directors and executive officers, holding approximately 1% of outstanding shares, have entered into support agreements to tender their shares.
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Termination Fee
Forte Biosciences will pay a $65 million termination fee if the deal is terminated under specified circumstances, including to accept a superior proposal or if the board changes its recommendation.
Analysis · FBRX · Life Sciences
Forte Biosciences has entered into a definitive agreement to be acquired by argenx for $77 per share in cash, a total equity value of approximately $2.2 billion. The deal represents an 86% premium to the volume-weighted average price since reporting positive Phase 1b vitiligo data on July 9, 2026. The transaction will be executed via a two-step tender offer followed by a merger, with the board unanimously recommending stockholders tender their shares. The acquisition is expected to close in Q3 2026, subject to HSR clearance and other customary conditions. This is a thesis-altering event that crystallizes the value of FB102's clinical data and provides immediate, substantial cash consideration to shareholders.
At the time of this filing, FBRX was trading at $76.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $9.10 to $62.46. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.