Novartis to buy U.S.-based biotech firm Excellergy for up to $2 billion

March 27 (Reuters) - Swiss pharma company Novartis NOVN.S said on Friday it will acquire California-based biotech company Excellergy in a deal worth up to $2 billion.

Under the agreement, Novartis said it would pay up to $2 billion in upfront and milestone payments. The transaction is expected to close in the second half of 2026, subject to customary conditions, including regulatory approvals.

The transaction will strengthen Novartis' presence in the market of immunology in food allergy, the company said.

The deal comes after Novartis announced last week its acquisition of a breast cancer drug candidate for up to $3 billion from U.S. biotech firm Synnovation Therapeutics.