Dutch/Belgian Euronext- and Nasdaq-listed argenx, a global immunology innovation company, is to acquire Nasdaq-listed Forte Biosciences, a clinical-stage biopharmaceutical company, for US$77 per share in cash, representing a total equity value of approximately US$2.2bn – a premium of approximately 86% to Forte Biosciences’ VWAP since reporting positive Phase 1b data in vitiligo on 9 July.
Forte Biosciences’ lead programme, FB102, expands argenx’s portfolio of differentiated immunology medicines, adding a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease and potential to address multiple autoimmune diseases.
“We . . . firmly believe that argenx is the ideal strategic partner to unlock the full potential of this novel anti-CD122 antibody across a broad range of autoimmune diseases,” said Paul A Wagner, CEO and chairperson of Forte Biosciences. “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 maximise its impact for patients living with vitiligo, celiac disease, alopecia areata and other autoimmune conditions.”
In addition to positive Phase 1b data in vitiligo, positive FB102 Phase 1b data in celiac disease was recorded last year, with Phase 2 data expected in the second half of this year. These studies were key drivers of argenx’s decision to move from strategic investment to acquisition.
“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,” said Karen Massey, CEO of argenx. “Together, we look forward to unlocking the full potential of FB102 and accelerating its impact for patients.”
The transaction is not subject to a financing condition and will be funded entirely from cash on hand.
The boards of directors of both companies have approved the transaction.
Advisors
Goldman Sachs is exclusive financial advisor and Freshfields is serving as legal advisor to argenx.
Guggenheim Securities is exclusive financial advisor and Wilson Sonsini Goodrich & Rosati is legal counsel to Forte Biosciences.
Press release: argenx | argenx to Acquire Forte Biosciences, Inc., Adding First-in-Class anti-CD122 Antibody, FB102, to its Immunology Pipeline
