argenx agreed to acquire Forte Biosciences for about $2.2 billion in cash, betting that Forte’s lead asset FB102 can broaden its immunology franchise across multiple autoimmune indications. The deal values Forte at $77 per share and follows Forte’s earlier Phase Ib data in vitiligo, where FB102 showed improvement in facial vitiligo area scoring from baseline at week 24. Forte previously reported positive Phase Ib results in celiac disease, with Phase II updates expected in 2H 2026. For argenx, the transaction expands beyond pipeline expansion through partnerships toward a ‘pipeline-in-a-product’ strategy anchored on an anti-CD122 mechanism.