argenx Buys Out Its Macrocycle Partner Unnatural Products
- argenx will acquire the rest of Unnatural Products, in which it already holds a minority stake, for $550 million upfront in cash plus up to $595 million in milestones, valuing the company at up to about $1.15 billion.
- Unnatural Products, a macrocyclic peptide discovery company, keeps leading its own discovery work under a framework agreed with argenx.
- It follows a multi-target research collaboration signed in 2025.
💡 Points Based on public reports
Turning an option-style collaboration into ownership signals that argenx wants oral, peptide-based follow-ons to its injectable FcRn franchise under its own roof. The price is modest next to the earlier headline value, and nothing here is clinical yet: the test is whether macrocycles can hit immune targets that antibodies already cover, with oral dosing as the edge.
Argenx to acquire Unnatural Products in deal worth up to $1.15B ↗