Novartis moved to shore up its allergy franchise with an acquisition of Excellergy in a deal worth up to $2 billion, bringing the startup’s next-generation anti-IgE program under the Swiss company’s immunology umbrella. The centerpiece is Exl-111, a half-life–extended IgE antibody in early clinical development aimed at faster and deeper suppression of IgE signaling. The transaction arrives five months after Excellergy’s $70 million Series A and follows intensifying pressure on Xolair as competitive dynamics evolve. Novartis positioned Exl-111 as a differentiated approach designed to downregulate FcεRIα and neutralize receptor-bound IgE at the source. Separately, Otsuka agreed to acquire Transcend Therapeutics for $700 million upfront, with up to $525 million more tied to milestones, targeting a neuropsychiatry asset for PTSD and related conditions. The deal highlights how large pharma continues to pursue psychiatry programs that aim to deliver neuroplasticity without the trip of classic psychedelics.