argenx (ARGX.O): Forte Acquisition Strengthens Immunology Franchise and Adds Two Near-Term Catalysts

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argenx (ARGX.O): Forte Acquisition Strengthens Immunology Franchise and Adds Two Near-Term Catalysts

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27 Jul 2026 12:07:45 ET │ 11 pages

argenx (ARGX.O)

Forte Acquisition Strengthens Immunology Franchise and Adds Two

Near-Term Catalysts

CITI'S TAKE Buy

Price (27 Jul 26 12:00) US$892.93 This morning argenx announced the acquisition of Forte Biosciences for

Target price US$1,203.00 ~$2.2B, bringing FB102, a first-in-class anti-CD122 antibody, into its

growing immunology portfolio. The deal is highly consistent with Expected share price return 34.7%

management's long-standing Vision 2030 strategy of building a Expected dividend yield 0.0%

diversified immunology platform and is a natural extension of argenx's Expected total return 34.7%

established playbook of identifying assets with differentiated biology and Market Cap US$55,842M

human proof-of-concept data that can leverage the company's

development and commercial engine. Importantly, the acquisition adds

two meaningful mid-stage clinical catalysts before year-end that can

further de-risk FB102 clinical development and create incremental value. Samantha Semenkow, Ph.D.AC

We believe the timing of the acquisition is particularly notable as FB102 +1-716-730-7388

already has positive Ph1b data in both vitiligo and celiac disease, providing samantha.semenkow@citi.com

important biological and clinical validation while still leaving substantial Benjamin E. Paluch,Ph.D.

room for argenx to influence development strategy, indication selection, +1-716-730-8388

product presentation, and lifecycle management. benjamin.paluch@citi.com

Ph1b data generated in both vitiligo and celiac disease helped establish early

clinical proof-of-concept for CD122 biology. FB102 is an anti-CD122 antibody