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Novartis says reaches agreement to buy Texas-based Encore Vision
December 20, 2016 / 6:35 AM / in a year

Novartis says reaches agreement to buy Texas-based Encore Vision

ZURICH, Dec 20 (Reuters) - Swiss drugmaker Novartis said on Tuesday it has reached a definitive agreement to buy Fort Worth, Texas-based Encore Vision, which is focused on developing a novel treatment in presbyopia, or far-sightedness.

“There is a large need for innovative, effective and safe treatment options for people with presbyopia, and there is currently no disease-modifying treatment available at all,” Vasant Narasimhan, Novartis’ global head, drug development and chief medical officer said in a statement.

Financial details of the transaction are not disclosed, Basel-based Novartis said.

Reporting by Joshua Franklin; Editing by Christian Schmollinger

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