Argenx agreed to acquire Unnatural Products (UNP) for up to $1.15 billion, extending its strategy to diversify beyond its antibody-heavy immunology franchise. The deal combines UNP’s macrocyclic peptide discovery platform with Argenx’s immunology capabilities to pursue oral and long-acting modalities. Argenx said the acquisition will shift it from a minority stakeholder in UNP to full ownership, integrating UNP’s AI-guided compound design, massively parallel synthesis, and direct-to-biology screening workflow through IND-enabling research. The transaction is Argenx’s second acquisition planned in nearly four months, signaling an acceleration of platform-based pipeline buildout in immunology and immune-mediated disease.