Swiss pharmaceutical giant Novartis AG announced on Friday that it will acquire California-based biotechnology company Excellergy in a transaction valued at up to $2 billion. This marks the company's second major acquisition announced within just a few weeks.

Under the agreement, Novartis AG will pay a total of up to $2 billion in the form of an upfront payment plus milestone payments. The deal is expected to close in the second half of 2026, pending standard closing conditions such as regulatory approvals.

Novartis AG stated that the acquisition will strengthen its market position in the field of food allergy immunology. For example, Excellergy's food allergy candidate drug Exl-111 has the potential to provide faster relief from allergic symptoms.

Just last week, Novartis AG also announced the acquisition of a breast cancer candidate drug from US biotech firm Synnovation Therapeutics for up to $3 billion.

In April of last year, Novartis AG indicated plans to invest $23 billion over the next five years to build and expand production and R&D facilities in the United States.

To date, the company has already begun construction of R&D and production bases in four states, including California, and has expanded its radioligand therapy facilities in Indiana and New Jersey.