Argenx agreed to acquire Forte Biosciences in a deal valued up to $2.2 billion, extending the Dutch-Belgian immunology leader’s acquisition spree into earlier-stage autoimmune assets. Argenx will pay $77 per share in cash, a roughly 41% premium, to secure Forte’s investigational anti-CD122 antibody FB102. The companies said the purchase is designed to add a “differentiated” mechanism to Argenx’s antibody platform, with Forte’s phase 2 readouts expected later this year across celiac disease and vitiligo. Argenx highlighted additional potential opportunities including alopecia areata, while emphasizing broad immunology ambition tied to CD122-related immune-cell activity. The announcement arrives as Argenx’s blockbuster Vyvgart continues to expand commercially, with the company pointing to pipeline need beyond late-stage development and to dealmaking as a growth lever. For Forte, the transaction concludes a difficult stretch for the company that followed earlier clinical pressure in 2022. For investors, the key industry signal is how Argenx is leveraging emerging mid-stage biology to accelerate platform breadth—potentially compressing timelines versus starting from preclinical—while taking on the execution risk typical of multi-indication autoimmune expansions.