Forte Biosciences, Inc. (FBRX)

Forte Biosciences was a clinical-stage biopharmaceutical company based in Dallas, Texas, that developed treatments for autoimmune and inflammatory diseases. Its stock was listed on the Nasdaq under the ticker FBRX. The company became public in 2020 through a reverse merger with Tocagen, a San Diego oncology company, after which the combined company continued under the Forte name.

Forte's early lead candidate was FB-401, a topical live biotherapeutic being developed for atopic dermatitis. After the study results fell short of expectations, the company redirected its focus to FB102, an antibody that targets CD122, a receptor subunit on T cells involved in the signaling of interleukin-2 and interleukin-15. The company studied FB102 in several autoimmune conditions, including celiac disease, vitiligo and alopecia areata.

The company's strategy was to advance FB102 through proof-of-concept studies in conditions where the immune cells it targets contribute to disease. As a small company with no approved products, it financed itself through equity offerings, and its share price rose substantially after clinical data supported the program, which brought the company to the attention of larger pharmaceutical firms.

In 2026 argenx, a Dutch-Belgian immunology company listed on Nasdaq and Euronext Brussels, agreed to acquire Forte for $77.00 per share in cash, a transaction valued at about $2.2 billion. The acquisition was carried out through a tender offer, in which argenx acquired roughly 87% of the outstanding shares by the end of the offer period.

The tender offer expired on August 26, 2026, and the acquisition was finalized on August 27, 2026, through a merger of Forte into an argenx subsidiary completed under Section 251(h) of the Delaware General Corporation Law, which did not require a stockholder vote. Options and restricted stock units were converted into cash, and options with exercise prices above $77.00 received nothing. Forte's directors resigned and new directors from argenx took over. Nasdaq was notified to suspend trading, a Form 25 was filed on August 27, and Forte planned to end its SEC reporting obligations.