Argenx agreed to buy Unnatural Products in a deal valued at up to about $1.15 billion, adding macrocyclic peptide discovery capabilities. Argenx will pay $550 million upfront, with additional contingent value rights tied to development and regulatory milestones. Unnatural Products will continue operating from its Santa Cruz site as a dedicated discovery hub. The acquisition follows a prior collaboration and reinforces Argenx’s strategy to complement antibody engineering with oral and long-acting small constructs capable of reaching intracellular targets. The purchase also signals investor focus on build-vs-partner decisions for enabling platforms rather than single-product bets.