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Argenx said Monday it would buy Forte Biosciences to expand its immunology pipeline, continuing the sector’s acquisition run, as even midsize companies hunt for pick-up targets.
The deal, worth $2.2 billion in cash, values Dallas-based Forte at $77 per share, a 41% premium to the biotech’s closing price on Friday.
Argenx, which has its main operations in Belgium, has become a top success story in immunology. Its drug Vyvgart, approved to treat the autoimmune diseases generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, has delivered steady sales increases as its label has been widened to cover more patients.
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