On July 28, Argenx SE declined 3.01% in regular trading, trading at $890.54/share, with turnover of $212 million. The decline reflects short-term selling pressure as the market digests the company's announcement of a major cash acquisition.

Argenx announced it will acquire Forte Biosciences at $77 per share in an all-cash transaction valued at approximately $2.2 billion, representing a premium of roughly 40% over Forte's prior trading price. The deal brings Forte's lead candidate FB102, an immunology asset targeting celiac disease with Phase 2 data expected in the second half of the year, into Argenx's pipeline. A wholly owned Argenx subsidiary will launch a tender offer, with the transaction expected to close in Q3.

As the acquirer, the large cash outlay and integration uncertainty weighed on shares despite Wedbush raising its price target to $1,050 from $1,000 while maintaining an Outperform rating. The acquired party, Forte Biosciences, surged 39.7%, displaying a classic M&A stock price divergence pattern. Argenx held $5.2 billion in cash and equivalents as of June 30, providing ample financial capacity for the deal.

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