# 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.

Source page: https://stoqly.net/news/argenx-acquire-unnatural-products-115-billion

- **Published:** 2026-11-09T12:06:00+00:00
- **Section:** In the news
- **Company:** Argenx Se (ARGX), https://stoqly.net/companies/argx.md

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.

**Why it matters** argenx is buying a defined discovery capability and an established collaboration, not just a financial stake. The upfront-versus-milestone structure also links much of the headline value to execution after closing.

- 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

- [argenx, “argenx to Acquire Unnatural Products, Inc.”, Nov. 9, 2026](https://argenx.com/news/2026/press-release-3398049.html)

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Written by Stoqly from SEC filings and market data. For information only — not investment advice or a recommendation to buy, sell or hold any security.