Argenx agreed to acquire Forte Biosciences for $2.2 billion in cash, a move designed to expand its immunology pipeline with FB102, an anti-CD122 monoclonal antibody. The deal values Forte at $77 per share and follows early clinical readouts in vitiligo and celiac disease that Argenx said were key drivers for shifting from strategic investment to acquisition. Argenx framed FB102 as a potential “pipeline-in-a-product” program that could extend beyond vitiligo and celiac disease into additional autoimmune indications, including alopecia areata. The transaction is expected to close in the third quarter and is funded entirely from cash on hand, subject to tender and regulatory review. The acquisition further intensifies consolidation in immunology as large biopharma and top-tier immunology franchises bid for differentiated mechanisms with early efficacy signals.