In a rare event for the European biotech sector, Dutch/Belgian immunology specialist Argenx SE is to acquire a U.S. counterpart, Forte Biosciences Inc., in an all cash deal valued at $2.2 billion. The price of $77 per share is a premium of about 86% to Forte’s volume-weighted average price since it reported positive phase Ib data for the lead program FB-102 in vitiligo on July 9. Forte shares closed at $50 on July 24 before the sale was announced. Argenx laid the ground for the acquisition in April 2026, buying Forte shares in a rights issue when the Dallas-based company raised $150 million at $26.27 per share. Positive top-line results from the company's registrational phase II Zephyr study of ML-007C-MA moved the program one step closer to phase III.