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Novartis says reaches agreement to buy Texas-based Encore Vision

Reuters
A Novartis logo is pictured on its headquarters building in Mumbai April 1, 2013. REUTERS/Vivek Prakash/File Photo

ZURICH (Reuters) - Swiss drugmaker Novartis (NOVN.S) 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)