Novartis to Buy Excellergy in Deal Worth Up to $2 Billion (2)

Novartis AG agreed to buy biotech firm Excellergy Inc. for as much as $2 billion, as it tries to strengthen its portfolio of treatments for food allergies and other immunology conditions.

The transaction includes upfront and milestone payments, the Swiss drugmaker said Friday, without giving a breakdown. Shares of Novartis were little changed in early trading in Zurich. They had risen 9% this year through Thursday’s close.

Novartis has been on a deal streak as its aging best-sellers face generic competition, prompting the company to project its first profit decline in at least six years. The latest deal comes a ...