argenx SE is to expand its immunology portfolio with the acquisition of Forte Biosciences Inc of Dallas, Texas, US, whose lead product is being investigated in two autoimmune diseases. The Netherlands-based company is to pay $77 per share in cash for the company, representing an equity value of about $2.2 billion – it’s largest deal to date. Both companies are listed on the US Nasdaq exchange.
Announcing the deal on 27 July, Karen Massey, argenx’s new chief executive, said the transaction advances the company’s ambition to be “the leading immunology innovator of the future.” The news was disclosed just four days after the release of the company’s second quarter results which showed net sales of $1.5 billion, compared with $949 million a year earlier. The company derives nearly all of its revenue from Vyvgart, an antibody drug that blocks the recycling of immunoglobuline G, for the treatment of generalised myasthenia gravis, a chronic neuromuscular disease. Forte’s lead product, FB102, is an investigational monoclonal antibody in Phase 1b studies for vitiligo, a skin disorder, and celiac disease, a chronic digestive disorder. Other autoimmune disorders are also under review.
The acquisition is expected to close in the third quarter.
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