Argenx: Forte Biosciences acquisition forte-fies pipeline, adding potential blockbuster asset for Viligo and Celiac Disease

研报英文原文证据摘录

Argenx: Forte Biosciences acquisition forte-fies pipeline, adding potential blockbuster asset for Viligo and Celiac Disease

J P M O R G A N Europe Equity Research

27 July 2026

Argenx

Forte Biosciences acquisition forte-fies pipeline, adding

potential blockbuster asset for Viligo and Celiac

Disease

This morning, Argenx announced the acquisition of Forte Biosciences for an European Pharmaceuticals &

equity value of $2.2bn in an all-cash deal. Forte brings FB102, a Phase 2 anti- Biotechnology

CD122 antibody with positive proof of concept data in Vitiligo and Celiac Disease. Richard Vosser AC

Forte has recently reported positive Phase 1b data in Vitiligo with a statistically (44-20) 7742-6652

significant treatment benefit, showing efficacy on par with oral JAK competitors richard.vosser@jpmorgan.com

(c.25% FVASI50), including a stronger efficacy outcome in more severe patients J.P. Morgan Securities plc

(c.59% FVASI50 in FVASI ≥0.75) and clean safety profile. In Celiac Disease, it Sophia Graeff Buhl Nielsen AC

had reported positive Phase 1b last year, with Phase 2 results due in 2H’26. The (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

transaction is expected to close in 3Q’26, with our accretion analysis suggesting J.P. Morgan Securities plc

5-7% EPS dilution through to 2030. Forte Biosciences has indicated it expects Zain Ebrahim

Phase 2 data for FB102 in Celiac Disease in H2'26, and is also developing FB102 (44-20) 3493-1163

in Alopecia Areata, currently in Phase 1. We view the acquisition as fitting zain.ebrahim@jpmorgan.com

Argenx's core criteria of novel biology in immunological conditions with high J.P. Morgan Securities plc

unmet need and see FB102 as having scope to reach blockbuster status in both Khushi Bihani

Vitiligo and Celiac Disease.