Argenx (O): Why there‘s even more to like?

研报英文原文证据摘录

Argenx (O): Why there‘s even more to like?

stance of matter

patent expiry, In our view, investors will start to focus heavily on this headwind from 2031. Hence, we believe that for ARGX the

next five years are critical for deepening and broadening its pipeline.

Considering ARGX’s this portfolio concentration risk we believe that management is strategically sensible in harnessing its

excellent prospects for cash generation to increase diversification. In our experience most biotech companies of ARGX’s size

make bold strategic acquisition like Forte Biosiences far too late. We also note that ARGX has a had a relationship with FBRX

US since 1H26 and so knows the science of FB102 well. Moreover, considering that FB102 is early in its development, we think

that Argenx also has an excellent opportunity to create significant value for its shareholders. We also believe that Argenx has put

forward a strong argument for why it’s the right owner of FBRX US.

So, all in all, we believe that this deal is strategically sensible for Argenx and a sound endorsement of the seamless

CEO transition which took place in 01/26.

WHAT IS FB102?

A NOVEL MECHANISM OF ACTION, BUT WHY DOES IT MATTER?

FB102 is a monoclonal antibody that targets the IL-2 and IL-15 receptors chains (which help regulate immune cell

activities). The concept behind the molecule is to prevent the proliferation of harmful T cells (a type of cell use in the body’s

autoimmune response) without blocking all T cells (because many remain important for the body’s immuno-response; Exhibit 1.

JAK inhibitors (currently used to treat many of the indications in which FB102 could secure approval in), on the other hand, are a

much more “blunt tool”.