argenx to acquire Unnatural Products for up to $1.15 billion
argenx will acquire the remaining shares of Unnatural Products, adding a macrocyclic peptide discovery platform to its immunology capabilities in a deal worth up to approximately $1.15 billion.
argenx announced on Nov. 9 a definitive agreement to acquire all remaining shares of Unnatural Products, Inc. (UNP), a Santa Cruz, California biotech whose platform focuses on macrocyclic peptide discovery. argenx already holds a minority stake in UNP.
The transaction values UNP at up to approximately $1.15 billion: $550 million in upfront cash and up to $595 million tied to specified development and regulatory milestones. The boards of both companies approved the agreement, which is expected to close by the end of 2026 subject to customary conditions.
UNP will continue operating from Santa Cruz with its current team and leadership, serving as argenx's home for peptide discovery. argenx said the combination pairs UNP's peptide expertise and machine-learning-enabled discovery platform with argenx's antibody engineering, clinical development and commercialization capabilities.
The strategic rationale is to broaden argenx's immunology work beyond antibody-based approaches, including potential oral and long-acting medicines. The company said the deal builds on more than two years of collaboration and investment, while the milestone structure leaves part of the consideration contingent on future development and regulatory progress.
Potential consideration
Up to $1.15B
upfront + milestones
Upfront cash
$550M
cash on hand
Milestone payments
Up to $595M
development/regulatory
Expected closing
By year-end
customary conditions
Sources
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Argenx Se.
