March 27 (Reuters) – Swiss drugmaker Novartis said on Friday it will buy California-based biotech ‌company Excellergy in a deal worth up ‌to $2 billion, the second sizeable acquisition it has announced ​in as many weeks.

Under the agreement, Novartis said it would pay up to $2 billion in upfront and milestone payments. The transaction is expected to ‌close in the ⁠second half of 2026, subject to customary conditions, including regulatory approvals.

The transaction will ⁠strengthen Novartis’ presence in the market of immunology in food allergy, the company said. Excellergy’s ​food allergy ​drug candidate, Exl-111, could ​support earlier allergy ‌symptom relief, for example.

Novartis had also last week announced its acquisition of a breast cancer drug candidate for up to $3 billion from U.S. biotech firm Synnovation Therapeutics.

In April last year, Novartis said ‌it plans to invest $23 ​billion to build and expand ​its facilities in ​the United States through the following ‌half decade.

So far the ​company has begun ​construction on R&D and manufacturing sites across four states, including California, and expanded its ​radioligand therapy ‌facilities in Indiana and New Jersey.

(Reporting by ​Marleen Kaesebier, Bhanvi Satija and Maria Rugamer; ​Editing by Dave Graham)