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Forte Biosciences Agrees to Be Acquired by Argenx in $2.2 Billion Deal

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Forte Biosciences Agrees to Be Acquired by Argenx in $2.2 Billion Deal

Forte Biosciences (FBRX) shares surged early Monday after the company agreed to be acquired by Belgian-Dutch immunology firm argenx (ARGX) in a deal worth about $2.2 billion.

A wholly owned subsidiary of argenx will launch a cash tender offer to purchase all Forte Biosciences shares at $77 apiece, the companies said in a joint statement. The tender offer will be followed by a merger, with shares not tendered converted into the right to receive the same $77 per share in cash.

The consideration represents a premium of about 86% to Forte Biosciences' volume-weighted average price as of July 9, according to the firms. Forte Biosciences' stock jumped 39% in the most recent premarket activity, while argenx's Nasdaq-listed shares were down 0.7%.

The acquisition is expected to give argenx access to Forte Biosciences' lead program, FB102, for vitiligo and celiac disease, expanding its immunology portfolio. A Phase 1b clinical trial in vitiligo showed the candidate demonstrated statistically "significant treatment benefit," the statement said. The company also reported positive Phase 1b data for FB102 in celiac disease last year, with Phase 2 results expected in the second half of this year.

The program also has the potential to address alopecia areata and additional autoimmune diseases, the companies added.

"The addition of FB102 to our portfolio aligns perfectly with the argenx playbook: compelling biology, strong clinical validation and broad potential to address patient need," argenx Chief Executive Karen Massey said. "Together, we look forward to unlocking the full potential of FB102 and accelerating its impact for patients."

The transaction is anticipated to complete in the third quarter.

"By combining FB102's promising clinical profile with argenx's proven development expertise, global reach and commercial capabilities, we have a unique opportunity to accelerate its development and maximize its impact for patients," Forte Biosciences CEO Paul Wagner said.

In May, Forte Biosciences reported a first-quarter net loss of $1.24 a share, compared with a net loss of $1.37 the year before.

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