Headlines

Novartis Paid $465M for Eyecare Company

Published

8 years ago

January 30, 2017

The deal closed Jan. 20.

Novartis paid $465 million for Encore Vision Inc., a privately held company in Fort Worth, TX, reports DallasNews.com.

The acqusition was announced in December. It closed on Jan. 20, according to a document filed with the U.S. Securities and Exchange Commission.

The price tag was not made public in the December announcement.

Encore is developing an eye drop treatment for presbyopia.

Novartis, parent company of Alcon, said in the SEC filing that the preliminary fair value of the deal was $465 million.

The amount included an initial cash payment of $375 million “before ordinary purchase price adjustments” along with $90 million that would go to shareholders. Shareholders are eligible to receive the $90 million “upon achievement of specified development and commercialization milestones.”

Read more at DallasNews.com

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