argenx to Acquire Forte Biosciences for $77/Share in $2.2B Deal, 86% Premium
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 total equity value of approximately $2.2 billion. The offer represents an 86% premium to Forte's volume-weighted average price since reporting positive Phase 1b vitiligo data on July 9. The deal adds first-in-class anti-CD122 antibody FB102 to argenx's immunology pipeline, with clinical proof-of-concept in vitiligo and celiac disease and potential in alopecia areata and other autoimmune conditions. This follows Forte's recent positive Phase 1b vitiligo results and builds on argenx's prior strategic investment. The transaction is structured as a tender offer, subject to a majority of shares tendered and HSR clearance. argenx will host an investor call at 8:00 a.m. ET today to discuss the acquisition.
At the time of this announcement, FBRX was trading at $54.00 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 news item was assessed with positive market sentiment and an importance score of 10 out of 10. Source: GlobeNewswire.