Cowtown Angels score big with $465 million sale of Encore Vision

Novartis has revealed how much it paid to buy Encore Vision, a Fort Worth startup that has developed an eyedrop to treat presbyopia — and it’s an eye-opener.

In an SEC filing Wednesday, the Swiss pharmaceutical giant that owns Alcon put the preliminary fair value of the transaction announced last month at $465 million. Novartis reported that the deal includes an initial cash payment of $375 million “before ordinary purcahse price adjustments,” plus $90 million due Encore shareholders over time “upon achievement of specified development and commercialization milestones.”