JPM | US Special Situations Daily: July 27, 2026

Research evidence excerpt

JPM | US Special Situations Daily: July 27, 2026

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A Nneetu.jhamb@jpmorgan.com

J.P. Morgan Securities LLC 27 July 2026

Neetu Jhamb

(212) 622 5042

Special Sits Today

News: Argenx to acquire Forte Biosciences, Brown-Forman Rejects Sazerac’s Offer

Research: ARGX, BF/B, HON

Flows :2 ways: VAL/RIG, DBRG Buyer: LEG (Outright) Seller: ESI (Outright), ATAI

Events Today: NSC/UNP (STB Applicants' Supplemental Information To Be Filed)

Desk Note: Penske Automotive (PAG) Offer Summary and Precedent Minority Squeeze Out Transactions - Link

News & Press:

• FBRX/ARGX: Argenx to acquire Forte Biosciences Link

• Terms: All-cash tender offer of $77.00 per share

• Deal value: Approximately $2.2 billion total equity value.

• Premium: ~86% premium to Forte Biosciences' VWAP since it reported positive Phase 1b vitiligo data on July 9, 2026.

• Closing: Expected to close in Q3 2026 (Will use Sept 10)

• Financing: Not subject to a financing condition; funded entirely from cash on hand.

• Approvals: Boards of directors of both companies have approved the transaction. Regulatory: subject to HSR and

majority tender condition.

• Strategic Rationale: Advances argenx's "Vision 2030" strategy and ambition to be the leading immunology innovator.

FB102 is a first-in-class anti-CD122 antibody with clinical proof-of-concept in vitiligo and celiac disease, and potential in

alopecia areata and other autoimmune diseases—positioning it as a potential "pipeline-in-a-product." The deal aligns with

argenx's playbook (compelling biology, strong clinical validation, broad patient need) and leverages argenx's development

expertise, global reach, and commercial capabilities to accelerate FB102.