M&A · Healthcare · Pharmaceutical Preparations
argenx BV to acquire Forte Biosciences, Inc.
Announced Jul 26, 2026 · Closed Aug 27, 2026
Deal value$1.07BEV $1.01B
Premium41.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$77.00 per share
Transaction
- Acquirer
- argenx BV
- Target
- Forte Biosciences, Inc. (FBRX)
- Buyer type
- Strategic
- Offer price per share
- $77.00
- Enterprise value
- $1.01B
- Status
- Closed Aug 27, 2026
Deal protections
- Break fee (target pays)
- $65.0M · 6.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Guggenheim
- Guggenheim fee
- $43.0M
Sector context · Healthcare
- Comparable deals
- 104 in the prior 24 months
- Premium
- 41.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 6.1% vs. 3.5% sector median
Timeline
- AnnouncedJul 26, 2026
- Tender offerAug 6, 2026
- ClosedAug 27, 2026
Valuation · fairness opinions
Discounted cash flow$56.57$78.85
Premiums paid$77.79$98.06
52-week trading range$67.46$88.36
Offer $77.00
Implied value per Forte Biosciences, Inc. share by analysis, from Guggenheim.