Argenx struck an acquisition deal for Forte Biosciences valued at about $2.2 billion, aiming to expand its immunology portfolio with Forte’s anti-CD122 antibody FB102. Under the agreement, Argenx will acquire Forte in cash at roughly $77 per share, adding a late-stage pipeline-in-a-product strategy built on early clinical validation. Forte’s FB102 has reported Phase Ib improvements in facial vitiligo and also showed positive results in celiac disease, with additional Phase II readouts expected in the second half of 2026. Argenx frames FB102 as a mechanism that targets pathogenic T-cell and NK-cell activity, potentially extending across autoimmune indications such as alopecia areata beyond the current trial footprint. For the market, the transaction is another example of immunology-focused consolidation and a bet that early clinical signals can convert into a broader autoimmune franchise. Antitrust clearance remains a condition and will shape timing for integration and subsequent trial expansion.