BASEL, Switzerland: Swiss drugmaker Novartis has agreed to acquire California-based biotech firm Excellergy in a deal worth up to US$2 billion, marking its second major acquisition in recent weeks.

The company said on March 27 that the agreement includes upfront and milestone payments that could total up to $2 billion. The deal is expected to close in the second half of 2026, subject to regulatory approvals and other customary conditions.

Novartis said the acquisition will strengthen its presence in immunology, particularly in treating food allergies.

Excellergy's lead drug candidate, Exl-111, is being developed to provide earlier relief from allergy symptoms, the company said.

The move follows another recent acquisition announcement by Novartis, which last week said it would buy a breast cancer drug candidate from U.S. biotech firm Synnovation Therapeutics for up to $3 billion.

The latest deal is part of a broader strategy to expand Novartis' pipeline through targeted acquisitions and investments in high-growth therapeutic areas.

In April last year, Novartis outlined plans to invest $23 billion in the United States over five years to build and expand research and manufacturing capabilities.

The company has since begun construction on research and development and manufacturing facilities across four U.S. states, including California. It has expanded its radioligand therapy operations in Indiana and New Jersey.

The Excellergy acquisition is expected to complement those efforts by adding new allergy-treatment capabilities to Novartis' portfolio.