Argenx bets $2.2B on an early-stage antibody for autoimmune skin and gut disease

The Dutch drugmaker is buying Forte Biosciences to acquire FB102, a phase-2 candidate for vitiligo and celiac disease.

Argenx has agreed to acquire Forte Biosciences for $2.2 billion, paying $77 per share — a 40.5% premium over Forte's Friday close of $54.78. The deal hands Argenx FB102, an anti-CD122 antibody now in phase 2 development for vitiligo and celiac disease. Argenx had already made a strategic investment in Forte before moving to buy the company outright.

The clinical case so far rests on early data. In a phase 1b study reported in July 2026, FB102 was linked to a 29.6% improvement in a facial vitiligo score. A phase 2 celiac disease readout is expected later in 2026. Argenx says the drug could also address alopecia areata and other autoimmune conditions, adding to a portfolio that already includes Vyvgart and the phase-3 empasiprubart.

Autoimmune conditions like vitiligo have had thin treatment options — Incyte's Opzelura cream is one of the few approved for the skin condition, and Incyte itself halted an anti-CD122 drug tested for it. A new mechanism that works across several autoimmune diseases could widen access to targeted care rather than symptom management. That is the abundance angle: more diseases addressed by fewer molecules.

Watch the phase 2 celiac results and further vitiligo data. The efficacy figures cited come from small early-stage trials, the celiac results are not yet in, and the first-in-class framing is Argenx's own. Argenx ended Q2 with $5.2 billion in cash, and this purchase is part of its stated Vision 2030 target of 50,000 patients on therapy.

Source: Fierce Biotech