Argenx (ARGX.US) acquires Forte Biosciences (FBRX.US) for $2.2 billion, a 40% premium, to strengthen its immunology drug portfolio

According to zhitongcaijing.com, Dutch biotechnology company Argenx SE (ARGX.US) has agreed to acquire clinical-stage biopharmaceutical company Forte Biosciences (FBRX.US) for approximately $2.2 billion in cash, aiming to expand its immunology drug pipeline. Argenx announced on Monday that it would acquire Dallas-based Forte Biosciences at a price of $77 per share, representing a premium of about 40% over Forte’s closing price last Friday. Argenx stated that the boards of both companies have approved the deal. The transaction is expected to be completed in the third quarter, pending customary closing conditions.

Argenx is seeking to broaden its immunology business portfolio after having been heavily reliant on its blockbuster drug Vyvgart. This medication has been approved for use in multiple autoimmune diseases and continues to see strong demand, which supported the company’s better-than-expected results for the second quarter. In December last year, Argenx’s share price fell after it discontinued a late-stage clinical trial of Vyvgart for eye disease patients. Nevertheless, over the past 12 months, Argenx’s share price has risen by more than 57%, while Forte’s stock multiplied by more than fourfold in the same period.

Through this acquisition, Argenx will obtain Forte Biosciences' core pipeline, FB102. This is a first-in-class CD122 antibody that has shown early promise in treating vitiligo and celiac disease. FB102 works by blocking the activation of T cells and NK cells (with intermediate to low affinity) through antibodies against IL-2 and IL-15, while preserving the binding of Treg cells to IL-2 (high affinity), thereby achieving therapeutic effects against autoimmune diseases.

FB102 has advanced to Phase II clinical trials for the celiac disease indication. In a Phase 1b trial for vitiligo, it has already demonstrated clear efficacy signals. The study included 43 patients, randomized at a 3:1 ratio (FB102 group vs. placebo group). Subjects received 12 weeks of treatment and were followed up to week 24 to assess the durability of the effect. According to data released earlier this month, the mean facial vitiligo area improved by 29.6% from baseline, a statistically significant difference compared to the placebo group. The effect was even more pronounced in patients with more severe disease (defined as an F-VASI score of at least 0.75). By week 24, the mean F-VASI improvement was 43.2%. Among these, 58.8% of patients saw a reduction of more than half in vitiligo area (F-VASI50), and 23.5% achieved F-VASI75.

After patients completed the 12-week treatment period, improvements were observed as early as day 64 and these improvements persisted through week 24. Most subjects treated with FB102 continued to experience repigmentation after the 12-week dosing ended; from week 12 to week 24, the overall F-VASI improvement increased by 8 percentage points on average; among patients with baseline F-VASI scores of at least 0.75, the improvement rate increased by another 14 percentage points during the same period. Of the patients treated with FB102, 84% showed improvement, and none experienced disease progression, while in the placebo group, 27% of patients’ conditions worsened. FB102 demonstrated an overall good safety profile, with adverse events being mainly mild to moderate and comparable to the placebo group.