Argenx agreed to acquire Forte Biosciences in a cash deal valued at about $2.2 billion, aiming to add Forte’s anti-CD122 antibody FB102 to its immunology portfolio. The acquisition is structured as a tender offer with closing expectations in the third quarter and will be funded entirely from Argenx’s cash on hand. Forte reported Phase Ib data for FB102 in vitiligo, including a 29.6% mean Facial Vitiligo Area Scoring Index (FVASI) improvement from baseline at week 24 (p=0.020), with earlier statistically significant separation versus baseline. Forte also disclosed positive Phase Ib activity in celiac disease, with Phase II results expected in the second half of 2026. Argenx framed FB102 as “pipeline-in-a-product” because it targets pathogenic T-cell and NK-cell activity, which could extend into additional autoimmune indications beyond vitiligo and celiac disease. CEO Karen Massey said the move aligns with Argenx’s development playbook of combining validated biology with scalable clinical execution. The transaction underscores how immunology-focused biotechs are consolidating around differentiated mechanisms—particularly as late-stage probability-weighting increasingly drives M&A decisions.