7/27/2026
argenx Pays an 86% Premium for Forte Biosciences. What Made a Clinical-Stage Biotech Worth $2.2 Billion
argenx (Euronext & Nasdaq: ARGX) announced Monday it has entered into a definitive agreement to acquire Forte Biosciences (Nasdaq: FBRX) for $77 per share in cash, a total equity value of approximately $2.2 billion. The price represents an 86% premium to Forte’s volume-weighted average trading price since July 9, when the company reported positive Phase 1b data in vitiligo. That is an unusually large premium even by the standards of this year’s active biotech M&A market, and it reflects just how quickly clinical data can transform a small cap company’s valuation.
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