$Forte Biosciences(FBRX.US) surged +40% today, with argenx issuing a full cash offer of $77 per share, totaling approximately $2.2B, targeting the anti-CD122 antibody FB102 immunotherapy pipeline.

The premium basis is worth noting: the $77 price represents an 86% premium over the volume-weighted average price (VWAP) during the period following the release of the 白癜风 (vitiligo) Phase Ib data on 7/9, meaning the market had already priced in a rally based on the data; the acquirer is adding a premium on top of this elevated price.

The deal follows a tender offer structure, with settlement expected in Q3 2026. The stock price has incorporated most of the consideration value in a single day, leaving only minimal spread and time value as remaining upside. The real risk lies not in the price, but in the tender participation rate and the time cost associated with antitrust review.