Argenx agreed to acquire Forte Biosciences for $2.2 billion in an all-cash deal, valuing Forte at $77 per share. The purchase brings Forte’s anti-CD122 monoclonal antibody FB102 into Argenx’s pipeline and follows early clinical data in vitiligo. FB102 delivered a 29.6% improvement in a facial vitiligo score in a Phase Ib trial, and Argenx said positive Phase Ib results also emerged in coeliac disease. Argenx expects Phase II data in coeliac disease in the second half of 2026 and positioned the program as “pipeline-in-a-product” given potential in alopecia areata and other immune-mediated diseases. The deal is not subject to financing conditions and will be funded from cash on hand, pending tender support and Hart-Scott-Rodino clearance.