argenx agreed to buy Forte Biosciences for $2.2 billion in cash, valuing Forte at $77 per share and marking a continuation of deal momentum across mid-cap immunology. The acquisition is designed to bring Forte’s phase 2-stage anti-CD122 antibody FB102 into argenx’s antibody pipeline, following earlier clinical validation in vitiligo. Forte’s FB102 showed a 29.6% improvement in facial vitiligo in a recent phase 1b study, and argenx expects later this year readouts in celiac disease. The companies position FB102 as a potential “pipeline-in-a-product” opportunity that could expand into other autoimmune diseases. The buyout also ends Forte’s independent development after pressure from shareholders in 2022, when Forte’s atopic dermatitis program failed in phase 2 and the company faced calls to liquidate. argenx’s commercial and late-stage development capabilities are intended to extend FB102’s clinical path. — Key takeaway: argenx’s acquisition targets a mechanism aimed at T-cell and NK-cell activity, aiming to broaden antibody competition in autoimmune care with an asset now moving through late early-stage development.