Novartis agreed to acquire privately held Excellergy for up to $2B in combined upfront and milestones, adding next-generation anti-IgE antibody Exl-111 (Phase 1 DISARM trial) to strengthen its allergy/immunology franchise beyond Xolair. The asset is designed to offer faster, deeper IgE pathway suppression across multiple IgE-driven conditions. Expected close H2 2026.