Argenx agreed to buy Forte Biosciences in an all-cash $2.2 billion deal, securing the Phase 2-stage autoimmune candidate FB102. Argenx will pay $77 per share, a premium to Forte’s pre-announcement trading and an 86% premium over the volume-weighted average price since Forte reported positive Phase 1b vitiligo data. The transaction positions FB102—an anti-CD122 antibody—alongside Argenx’s existing antibody portfolio, with management describing FB102 as a potential pipeline-in-a-product and differentiated immune mechanism. Forte’s program has shown early signals in celiac disease and vitiligo, with additional readouts expected later in 2026. The deal also signals continued dealmaking focus on mid-to-late clinical validation in immunology, as firms seek ways to replenish antibody-heavy pipelines amid patent cliff concerns.