Novartis agreed to acquire Excellergy in a deal valued at up to $2 billion, targeting next-generation anti-IgE immunology programs that could extend the franchise as Xolair faces biosimilar pressure. The acquisition centers on Excellergy’s lead candidate Exl-111, a half-life extended, high-affinity anti-IgE antibody in Phase I evaluation. Novartis said Exl-111 is designed to drive faster and deeper suppression of IgE signaling by targeting receptor-bound IgE to enable FcεRIα downregulation. The company is framing Excellergy as a complement to its existing allergy portfolio, while timing the move against the broader competitive dynamics in IgE-mediated diseases. The companies expect closing in the second half of 2026, subject to regulatory approvals and standard closing conditions, as Novartis works to strengthen its immunology pipeline in the face of impending commercial transitions for established blockbusters.