Deal adds vitiligo drug candidate to Argenx pipeline
European pharmaceutical company Argenx said Monday it reached an agreement to buy Forte Biosciences for $2.2 billion, paying $77 a share in cash for the Nasdaq-listed biotech firm. The price represents a 41% premium to Forte’s closing price on Friday.
Argenx said the deal allows it to add Forte’s experimental drug FB102 to its pipeline, for which it sees potential to address diseases with high unmet need that have lacked new treatments. Forte recently reported results of an early-stage clinical trial for FB102 that showed a significant treatment benefit in the skin condition vitiligo, building on data released last year for another study in celiac disease.
Argenx said the drug has potential to address multiple autoimmune diseases. The boards of both companies have approved the transaction, which is expected to close in the third quarter subject to customary closing conditions, they said.
The NASDAQ Composite Index closed at 24,975.82 on Monday.