Forte Biosciences Acquisition, Valuation & Financials

Forte Biosciences was acquired by argenx for $2.2B in July 2026.

Forte Biosciences acquisition price

$2.2B

Acquired by argenx · Jul 2026

Forte Biosciences revenue as a public company

-

Last twelve months · Aug 2026

Cumulative funding Forte Biosciences raised

$6M

across 1 funding round

Forte Biosciences market cap before the deal

$1.6B

NAS: FBRX · Aug 2026

Forte Biosciences Overview

About Forte Biosciences

Forte Biosciences Inc is a biopharmaceutical company that is advancing through preclinical trials its product candidate, FB-102, which is a proprietary therapeutic molecule with potentially broad autoimmune applications in such indications as graft-versus-host disease (GvHD), vitiligo, alopecia areata, and type 1 diabetes (T1D).


Founded

2007

HQ

United StatesLos Angeles, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

- (Aug 2026)

Valuation

$2.2B (acquired Jul 2026)

Forte Biosciences Acquisition

Forte Biosciences was acquired by argenx for $2.2B on 26 July 2026.

Before the acquisition Forte Biosciences had raised $6M across 1 funding round.

argenx agreed to acquire Forte Biosciences for $77 per share in cash, implying an equity value of approximately $2.2 billion. The transaction is structured as a cash tender offer by a wholly owned subsidiary of argenx, is not subject to a financing condition, and is expected to close in Q3 2026, with funding from cash on hand. The strategic rationale is to add Forte’s first-in-class anti-CD122 antibody FB102 to argenx’s immunology pipeline, expanding its portfolio beyond VYVGART and strengthening its presence in autoimmune and inflammatory diseases. The deal was announced after positive Phase 1b vitiligo data and ahead of expected Phase 2 celiac disease data in the second half of 2026, with the offer reflecting an approximately 86% premium to Forte’s VWAP since the vitiligo results and about a 41% premium to the prior closing price. Forte Biosciences is a Dallas-based clinical-stage biotech focused on autoimmune diseases. Its lead asset, FB102, has shown early efficacy signals in vitiligo and celiac disease, and the company is positioned around this single product candidate.

Forte Biosciences acquisition details
AcquirerDateTypePrice
26 Jul 2026Strategic M&A$2.2B

Forte Biosciences as a Public Company

Forte Biosciences traded as NAS: FBRX before it was taken private. Its acquisition was announced in July 2026. August 2026 is its last month on record as a listed company, with a market cap of $1.6B and an enterprise value of $1.4B.

Over the 4 years before that, its market cap grew from $26M in August 2022 to $1.6B.

Forte Biosciences market cap while listed

Forte Biosciences EV/Revenue (LTM) while listed

Forte Biosciences financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)
Aug 2026$1.6B-
Aug 2025$137M-
Aug 2024$12M-
Aug 2023$30M-
Aug 2022$26M-

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Forte Biosciences traded.

Forte Biosciences Funding History

Forte Biosciences has raised a total of $6M across 1 funding round.

Forte Biosciences funding rounds

Forte Biosciences funding rounds
DateStageRaised
Nov 2018Series A$6M

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Acquisitions by Forte Biosciences

Forte Biosciences has acquired 1 company to date.

Last acquisition by Forte Biosciences was on February 20th 2020. Forte Biosciences acquired Tocagen for $100M.


Latest Acquisitions by Forte Biosciences

Tocagen
Description
Tocagen is a San Diego-based biopharmaceutical company established in 2007. It advances gene-based therapies targeting solid tumors particularly glioblastoma multiforme through its Prodrug Activator platform featuring Toca 511 a retroviral replicating vector paired with Toca FC an extended-release formulation of 5-fluorocytosine. The company also pursues immunotherapies for metastatic melanoma leveraging engineered viruses to stimulate immune responses against cancer cells.
HQ CountryUnited States
HQ City
San Diego, CA
Deal Date20 Feb 2020
Valuation$100M
EV/Revenue
EV/EBITDA

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Forte Biosciences Competitors

Forte Biosciences competitors include listed companies like Guobang Pharma, BioKangtai, Ocular Therapeutix and Grand Pharmaceutical, and private ones like Insitro and Orano Med.

Public and private companies comparable to Forte Biosciences
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
InsitroUnited StatesSan Francisco, CAPrivate--$2.2B-
Guobang PharmaChinaChinaPublicly listed$897M$214M$2.2B2.1x
BioKangtaiChinaChinaPublicly listed$399M$73M$2.2B5.4x
Ocular TherapeutixUnited StatesUnited StatesPublicly listed$52M($268M)$2.2B31.9x
Grand PharmaceuticalChinaChinaPublicly listed$1.6B$284M$2.2B1.6x
Orano MedUnited StatesDallas, TXPrivate--$2.2B-

Forte Biosciences Public Comps

Forte Biosciences is no longer listed, but its public comps include Guobang Pharma, BioKangtai, Ocular Therapeutix, Grand Pharmaceutical, LigaChem Biosciences, BioCryst Pharma, Aurinia Pharmaceuticals, Caplin Point Laboratories, Dermapharm Holding and ADMA Biologics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Guobang Pharma$897M$214M2.2x2.1x9.2x9.2x
BioKangtai$399M$73M5.4x5.4x29.9x22.7x
Ocular Therapeutix$52M($268M)32.3x31.9x(6.3x)(5.2x)
Grand Pharmaceutical$1.6B$284M1.6x1.6x9.0x7.9x
LigaChem Biosciences$104M($77M)18.6x17.2x(25.2x)(15.8x)
BioCryst Pharma$875M$337M3.0x3.5x7.8x-
Aurinia Pharmaceuticals$283M$124M6.4x5.7x14.5x9.7x
Caplin Point Laboratories$227M$85M9.3x8.7x25.0x24.8x

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Common questions about Forte Biosciences

When was Forte Biosciences founded?Forte Biosciences was founded in 2007.
Where is Forte Biosciences headquartered?Forte Biosciences is headquartered in Los Angeles, CA, United States.
Is Forte Biosciences publicly listed?No, Forte Biosciences was acquired by argenx in July 2026.
Who acquired Forte Biosciences?Forte Biosciences was acquired by argenx in July 2026.
How much was Forte Biosciences acquired for?Forte Biosciences was acquired for $2.2B in July 2026.
How much funding has Forte Biosciences raised?Forte Biosciences has raised $6M across 1 funding round.
What was Forte Biosciences' last funding round?Forte Biosciences' last funding round was a $6M Series A in November 2018.
Which companies are comparable to Forte Biosciences?Companies comparable to Forte Biosciences include Insitro, Guobang Pharma, BioKangtai, Ocular Therapeutix, Grand Pharmaceutical and Orano Med.
What was Forte Biosciences' market cap before the acquisition?Forte Biosciences had a market cap of $1.6B in August 2026, its last month on record as a listed company.
How many companies has Forte Biosciences acquired?Forte Biosciences has acquired 1 company, including Tocagen.
What was the largest acquisition by Forte Biosciences?The $100M acquisition of Tocagen in February 2020 is the largest acquisition Forte Biosciences has made to date.

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