Novartis agreed on 27 March 2026 to acquire Excellergy, a private US biotech developing next-generation anti-IgE therapies, for up to US$2bn in upfront and milestone payments.
Why Novartis AG is buying Excellergy, Inc.
Novartis said Exl-111 is designed to dissociate IgE already bound to its receptor, which could deliver faster and deeper suppression of the allergy pathway, better symptom control and more convenient dosing across food allergy, chronic urticaria and allergic asthma.
“Excellergy adds a differentiated next-generation anti-IgE program that builds on biology Novartis knows well, supported by preclinical evidence and early clinical pharmacokinetic data,”
Deal terms and financing
Novartis did not split the headline figure between upfront and milestone payments at announcement. Its half-year report later showed a cash outflow of about US$0.9bn for Excellergy, with the balance contingent on milestones.
Regulatory approvals and timing
The transaction was expected to close in the second half of 2026 subject to regulatory approvals. Novartis's half-year report shows it completed on 24 June 2026 and was accounted for as an asset acquisition.
Market context
Reuters reported that the deal extends Novartis's allergy range as Xolair faces biosimilar competition in some European markets, and came a week after Novartis agreed to buy a breast cancer programme from Synnovation Therapeutics.
