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Novartis Paid $465M for Eyecare Company

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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.

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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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