Swiss pharmaceutical group Novartis (NYSE:NVS) announced on Friday that it has reached an agreement to acquire California-based biotechnology company Excellergy in a transaction valued at up to $2 billion.
Under the terms of the deal, Novartis will make payments totaling as much as $2 billion, including upfront consideration and additional milestone-based payments. The acquisition is expected to be finalized in the second half of 2026, pending customary closing requirements such as regulatory approvals.
The company said the transaction is intended to expand its footprint in the immunology space, particularly in therapies targeting food allergies.
The announcement follows another recent acquisition move by Novartis. Last week, the company revealed it would acquire a breast cancer drug candidate from U.S. biotech firm Synnovation Therapeutics in a deal valued at up to $3 billion.