argenx to acquire Forte Biosciences for $2.2 billion in cash

argenx announced a definitive agreement to acquire Forte Biosciences in an all-cash deal valued at $2.2 billion. The transaction is structured as a straightforward acquisition, meaning Forte shareholders receive cash consideration rather than stock, ending Forte's run as an independent public biotech.

The deal is notable given the scale mismatch: argenx is a commercial-stage immunology company with $36.4M in reported revenue (per the FY2017 SEC filing in the enrichment set) and a history of rapid revenue growth, while Forte's financials in the data show a company in a pre-commercial or clinical-stage state with negligible revenue and deeply negative margins. This is consistent with a pipeline or platform acquisition rather than a purchase of an earnings stream.

For Forte holders, the arbitrage question is now mechanical — will the deal close at the stated $2.2 billion cash terms, and on what timeline, subject to shareholder and regulatory approval. For argenx, the second-order question is integration cost and how the cash outlay affects its balance sheet and R&D roadmap. Watch for the merger proxy/tender details, any competing bids, and regulatory clearance timing as the next concrete catalysts.