Tags: M&A, Immunology

Novartis Acquires Excellergy for Up to $2B, Doubles Down on Allergy

By FieldPulse Editorial · March 27, 2026

Novartis is spending up to $2 billion to acquire Excellergy and its next-gen anti-IgE antibody Exl-111, targeting food allergy, chronic urticaria, and allergic asthma. It's the company's second multi-billion deal in a week.

Novartis announced on March 27 that it has agreed to acquire Excellergy Inc.

for up to $2 billion , adding a next-generation anti-IgE antibody to its immunology pipeline and signaling a serious push into allergy leadership.

The deal is the second multi-billion-dollar acquisition Novartis has made in the past week, underscoring the company's aggressive M&A posture heading into mid-2026.

The centerpiece of the acquisition is Exl-111 , a Phase 1 monoclonal antibody targeting immunoglobulin E (IgE) — the same biological pathway behind Novartis's long-established Xolair (omalizumab), which generated over $4 billion in global revenue in 2025.

But Exl-111 is designed to be a fundamentally better molecule: higher potency, potentially broader indication reach, and a profile that could extend into disease areas where Xolair's efficacy has plateaued or where the competitive landscape has shifted.

Why Novartis Is Paying a Premium for a Phase 1 Asset Exl-111 is early-stage — still in Phase 1 — and a $2 billion deal for a preclinical-to-early-phase asset would raise eyebrows in most circumstances.

But Novartis's calculus is shaped by two realities: Xolair faces increasing competition , and the allergy market is expanding rapidly into indications that current anti-IgE therapies cannot fully address.

Food allergy is the marquee opportunity.

Xolair received FDA approval for food allergy in 2024, but the clinical data — while meaningful — showed a reduction in allergic reactions rather than a cure.

A next-generation anti-IgE with superior potency could deliver more complete protection, a difference that matters enormously to patients and families managing life-threatening food allergies.

Chronic urticaria and allergic asthma are the other two target indications for Exl-111, both of which are large, established markets with well-defined prescriber bases.

The competitive threat is real.

Sanofi and Regeneron's Dupixent (dupilumab) has been steadily expanding its indication footprint acr.