Argenx announced today that it had spent $2.2 billion, or $77 per share in a cash tender offer to acquire all of the outstanding shares of Forte Biosciences. This transaction represents an 86% premium to Forte Biosciences’ volume-weighted average price [VWAP] since having released its results from its phase 1b study using its anti-CD122 monoclonal antibody FB102 to treat patients with vitiligo on July 9, 2026.

The thing is that this deal is likely to happen, as the board of directors of both companies approved this transaction. However, it still needs to pass regulatory hurdles and customary closing conditions. Should this transaction be completed, then it is believed it will happen at least during Q3 of 2026.

In order to test if FB102 would be capable of being able to treat patients with vitiligo, it ran a randomized, double-blind, placebo-controlled phase 1b study. This study recruited up to a total of 43 patients and randomized them 3:1 to receive either FB102 or placebo over a 12-week period.

However, it is important to note that the 12-week treatment period was then continued with a 12-week follow-up period. The point is that the primary efficacy endpoint analysis of average FVASI improvement was measured from baseline to week 24.

The company did well in terms of both the intent-to-treat [ITT] patient population and the protocol-defined efficacy evaluable population. The purpose for bringing this up is because in both instances, the primary endpoint was met in a statistically significant manner.

However, I believe the more important one to make note of would be the protocol-defined efficacy evaluable population. The reason why is because this includes 1 less placebo patient who was removed from the final analysis. This was the case because they had facial hair and had progressive vitiligo disease.

Vitiligo is a long-term skin disorder where a person obtains white patches of skin on their body. The reason why this happens is because the immune system attacks skin cells known as melanocytes. This is bad because these cells are responsible for producing melanin, which gives skin its color.

The buyout likely didn’t happen only because of the positive phase 1b data in vitiligo. The reason why is because the company also posted positive results from a phase 1b study using FB102 to treat patients with celiac disease [CeD] back in June of 2025. Topline data from a phase 2 study for this CeD drug development program is expected to be released in 2026. Another mid-stage study using this very same anti-CD122 monoclonal antibody to treat patients with alopecia areata [AA], is also expected to have a data readout this year.

The point is that FB102 for Argenx can become a possible “pipeline-in-a-pill” product. That is, it can be used to treat these and many other possible immunological disorders. It is possible thanks to the mechanism of action [MOA] of FB-102 which attaches to the CD122 subunit of IL-2 and IL-15 receptors found on T-cells and natural killer [NK] cells.

The point of this drug is to inhibit IL-2 and IL-15-induced proliferation of CD4+ and CD8+ T-cells. This prevents inflammatory cytokines from forming and causing inflammation. What makes it even more intriguing is the ability to keep high-affinity IL-15 alone in place, which is required by regulatory T-cells [Tregs] to function in a normal capacity. In essence, Tregs make sure to keep the immune system in check and not attack the person’s body.

The acquisition makes a lot of sense in the grand scheme of things. That’s because Argenx’s top-selling drugs VYVGART and VYVGART HYTRULO, treat patients with immunological disorders like generalized myasthenia gravis [gMG] and chronic inflammatory demyelinating polyneuropathy [CIDP]. Plus, it has a range of many other antibody candidates as part of its pipeline, such as empasiprubart, adimanebart, and ARGX-121. Hopefully what was achieved in terms of positive phase 1b proof of concept [POC] data in treating CeD and vitiligo can end up being produced in those patients with AA.