Forte Biosciences Inc is a clinical-stage biopharmaceutical company that is advancing through preclinical trials its product candidate, FB-102, which is a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications... Show more
Forte Biosciences' shares spent their final trading sessions anchored near the $77.00-per-share acquisition price, reflecting the high probability that the all-cash takeover by argenx would be completed. After a sharp repricing in July, the stock settled into a narrow band between roughly $76.50 and $77.00 and closed at $76.99 on August 26, 2026. The roughly +0.6% move over the final 30-day trading window underscored how quickly the market had fully incorporated the tender offer into the share price. With the merger consummated and the stock suspended effective August 28, 2026, FBRX no longer trades on the Nasdaq Capital Market.
Forte Biosciences is a clinical-stage biopharmaceutical company advancing FB102, an anti-CD122 monoclonal antibody designed to target autoimmune and autoimmune-related conditions. CD122 is a subunit of the IL-2 and IL-15 receptors, which are key regulators of natural killer cells and certain T-cell subsets. Forte's lead development efforts centered on celiac disease and non-segmental vitiligo, with additional potential applications in alopecia areata and type 1 diabetes. As a single-asset, pre-revenue company, investor attention was concentrated on the clinical readouts and regulatory path for FB102 rather than on near-term commercialization.
The defining catalyst of the period was clinical data for FB102. In early July 2026, Forte reported that patients treated with FB102 in a Phase 1b vitiligo study experienced a 29.6% improvement in facial skin pigmentation after 24 weeks, with visible benefits emerging from day 64. The readout drove a rapid re-rating of the stock, which climbed from the low-$20s to the mid-$40s within days.
That momentum accelerated on July 26, 2026, when argenx (ARGX) announced a definitive agreement to acquire Forte for $77 per share in cash, representing a total equity value of approximately $2.2 billion and a premium of roughly 40% to the July 24, 2026 close of $54.78. The tender offer commenced on August 6, 2026, and expired on August 26, 2026, with approximately 87% of outstanding shares tendered. The merger closed on August 27, 2026, making Forte a wholly owned subsidiary of argenx and ending FBRX's listing on Nasdaq.
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The standalone FBRX equity story concluded with the completed acquisition, and the shares no longer trade publicly. For investors and analysts tracking the underlying asset, the forward-looking focus shifts to how FB102 progresses within argenx's portfolio. Key items to monitor include the anticipated Phase 2 celiac disease data, the potential expansion of FB102 into additional autoimmune indications such as alopecia areata and type 1 diabetes, and how argenx integrates the program alongside its existing immunology pipeline. These milestones will determine the long-term value of the FB102 franchise, though they now sit on argenx (ARGX)'s platform rather than Forte's.
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Industry Biotechnology