The Biotech Growth Trust said argenx has agreed to acquire its portfolio company Forte Biosciences for approximately $2.2 billion, or $77 a share in cash.
The offer represents a 40.5% premium to Forte's closing price on 24 July.
Forte is a clinical-stage biotech developing treatments for immunological disorders.
Its lead candidate, FB102, is a first-in-class anti-CD122 antibody that has shown proof-of-concept data in trials for vitiligo and coeliac disease, with potential applications across other autoimmune diseases.
Forte's holding accounted for 3.03% of the trust's net asset value at the time of the announcement, with the deal reflected in NAV as at close of business on 27 July.
The trust invested in Forte in November 2024 at $5.552 a share through a confidentially marketed private placement, with manager OrbiMed among a select group of investors invited to participate.
Geoff Hsu, portfolio manager at The Biotech Growth Trust, said the deal was "another successful outcome for BIOG" and highlighted OrbiMed's ability "to identify and gain access to innovative biotechnology companies at an early stage of their development, often before their full potential is recognised by the broader market."
The acquisition extends a run of portfolio exits over the past 12 months, including Avidity Biosciences, Cidara Therapeutics, Amicus Therapeutics, Apellis Pharmaceuticals, Kalvista Pharmaceuticals, Esperion Therapeutics, Nuvalent and AtaiBeckley, which the trust said have contributed meaningfully to performance.
