Novartis AG (NVS) said Friday it agreed to buy private biotechnology firm Excellergy for as much as $2 billion in initial and milestone payments.

The proposed transaction includes an experimental early-stage IgE medication called Exl-111 designed to treat various allergic conditions, the company said.

The clinical therapy targets a specific biological driver of allergies to potentially provide faster symptom relief alongside more convenient dosing schedules, Novartis said.

The acquisition is expected to finalize during H2, pending standard regulatory approvals and closing conditions, it said.