Novartis’ purchase of Fort Worth-based Encore Vision carried a $465 million price tag.
The deal happened late last year, but details of the transaction were kept secret until Swiss-based pharmaceutical company filed SEC documents this week, the Fort Worth Star-Telegram reported. Novartis agreed to an initial cash payment of $375 million and $90 million paid to Encore shareholders over time.
Encore Vision developed a groundbreaking treatment for presbyopia, or the degrading of near-vision in older adults. That’s what got the attention of Novartis and prompted the sale.
It’s the first sale for the Cowtown Angels, an angel investor network of TECH Fort Worth. The group invested $4 million into Encore.
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