Argenx SE (ARGX.BR) To acquire Forte Biosciences

Equity Research 27 July 2026 | 10:01AM BST

Argenx SE (ARGX.BR): To acquire Forte Biosciences

This morning ARGX announced an agreement to acquire Forte Biosciences, Inc. Rajan Sharma | (FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and Goldman Sachs International autoimmune-related diseases, for $2.2bn in cash. ARGX had previously made a Avantika B strategic investment in FBRX, and the acquisition includes a first-in-class anti-CD122 | Goldman Sachs India SPL monoclonal antibody, FB102, which aims to target pathogenic T-cell and NK-cell activity through CD122 biology while preserving regulatory T-cell (Treg) activity, and Theodora Rowe Beadle | has demonstrated clinical proof-of-concept in vitiligo and celiac disease. Goldman Sachs International

The acquisition is consistent with ARGX’s stated strategy, which focuses on novel immunology biology and areas of high unmet patient need where it can secure first-in-class or best-in-class assets (see here), with management previously highlighting M&A/BD as a focus area for the company’s strategy going forward.

Key asset details (FB102 (Anti-CD122 Antibody)): FB102 has demonstrated positive Phase 1b data in vitiligo, achieving a statistically significant 29.6% mean FVASI improvement from baseline at week 24 (p = 0.020) in the overall population, and a 43.2% mean FVASI improvement (p = 0.006) in subjects with baseline FVASI >= 0.75. In celiac disease, positive Phase 1b data demonstrated a statistically significant benefit on the composite histological VCIEL endpoint and a 42% benefit in gluten challenge-induced GI symptoms compared to placebo.

Transaction details: Under the terms of the agreement, ARGX will make a cash tender offer for all of the outstanding shares at a purchase price of $77 per share (representing an 86% premium to the volume-weighted average price since reporting positive Phase 1b data in vitiligo on July 9) in cash, for an aggregate equity value of approximately $2.2bn.

Timelines: The acquisition is expected to close in 3Q26. Topline Phase 2 data for FB102 in celiac disease is expected in 2H26.

We are Buy rated (on CL) on Argenx, with 12-month price targets of €907/$1,067 per share (9.5% WACC, 1% TGR).

Key risks to our view and price targets: Better clinical profiles demonstrated for the multiple competitor FcRn antibodies in development; additional negative clinical

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Goldman Sachs Argenx SE (ARGX.BR)

data for efgartigimod pipeline indications and other key pipeline compounds; developmental timeline delays and/or slower-than-expected product and market uptake.

ARGX.BR 12m Price Target: €907.00 Price: €804.40 Upside: 12.8%

ARGX 12m Price Target: $1,067.00 Price: $918.22 Upside: 16.2%

Buy CL GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: €48.1bn / $54.7bn Revenue ($ mn) 4,248.1 6,386.0 7,719.5 8,741.2 Enterprise value: EBIT ($ mn) 1,053.8 2,129.2 2,710.0 3,239.7 €44.3bn / $50.4bn EPS ($) m ADTV: €70.3mn / $81.2mn P/E (X) Netherlands EV/EBITDA (ex lease,X) Europe Biotech Dividend yield (%) NM NM NM NM M&A Rank: 3 FCF yield (%) 1.4 2.4 3.9 4.8 Leases incl. in net debt & EV?: CROCI (%) Yes N debt/EBITDA (ex lease,X) (3.2) (2.0) (2.5) (3.0)

3/26 6/26 9/26E 12/26E EPS ($)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 24 Jul 2026 close.