Argenx buys peptide developer Unnatural Products for $550M upfront

Argenx will pay $550 million upfront to acquire California-based Unnatural Products, in a deal that could reach about $1 billion. The target's macrocyclic peptide platform will be used to develop oral, durable medicines for immune-mediated diseases. Argenx already held a minority stake after more than two years of collaboration.

Why it matters: The deal adds oral peptide capabilities to an antibody specialist whose drug Vyvgart sold $4.5 billion in the first nine months of the year.