Bayer Completes Acquisition of Perfuse Therapeutics to Strengthen Ophthalmology Pipeline

Bayer Finalizes Perfuse Therapeutics Acquisition
Bayer has announced the successful completion of its acquisition of Perfuse Therapeutics, Inc., further expanding its presence in the ophthalmology space. Following the completion of the deal, Perfuse Therapeutics will be fully integrated into Bayer's operations.
The acquisition gives Bayer full ownership of Perfuse's lead development asset, PER-001, a first-in-class intravitreal implant currently being evaluated in Phase II clinical studies for the treatment of glaucoma and diabetic retinopathy.
The move is part of Bayer's broader strategy to strengthen its pharmaceutical pipeline while building on its existing expertise in eye care and ophthalmology.
PER-001 Becomes Part of Bayer's Development Portfolio
At the center of the acquisition is PER-001, an investigational sustained-release therapy designed to address serious eye diseases that can lead to vision loss.
PER-001 is a small-molecule endothelin receptor antagonist delivered through an intravitreal implant. The therapy is currently being studied in Phase II clinical development for glaucoma and diabetic retinopathy, two conditions that affect millions of people worldwide and remain major causes of visual impairment.
With the acquisition completed, Bayer now holds all global rights related to the development and commercialization of PER-001.
Focus on Glaucoma and Diabetic Retinopathy
Glaucoma and diabetic retinopathy continue to represent significant challenges in ophthalmology due to their progressive nature and potential to cause irreversible vision loss.
By adding PER-001 to its portfolio, Bayer aims to advance new treatment options for patients living with these conditions. The company believes the therapy's sustained-release approach could offer a differentiated option within the ophthalmology market.
The acquisition also supports Bayer's long-term efforts to expand its pipeline with innovative therapies targeting diseases with significant unmet medical needs.
Deal Includes Upfront and Milestone Payments
Under the terms of the agreement, Bayer made an upfront payment of $300 million to acquire Perfuse Therapeutics.
The total potential value of the transaction could reach up to $2.45 billion. This figure includes the initial payment as well as future milestone payments tied to the successful development and commercialization of the company's assets.
The structure of the agreement reflects Bayer's confidence in the long-term potential of the technology and development programs acquired through the transaction.
Perfuse Therapeutics' Focus on Vision-Threatening Diseases
Perfuse Therapeutics is a biopharmaceutical company focused on developing treatments for ischemia-induced ocular diseases, which occur when reduced blood flow damages eye tissues.
The company has built its research efforts around a proprietary sustained-release drug delivery platform designed to improve treatment delivery for chronic eye diseases.
Its lead candidate, PER-001, has been positioned as a potential therapy for some of the leading causes of blindness worldwide, making it a strategic fit for Bayer's ophthalmology business.
Advisors Involved in the Transaction
Several financial and legal advisors supported the acquisition process.
For Bayer, BofA Securities acted as the exclusive financial advisor, while Baker McKenzie served as legal counsel.
For Perfuse Therapeutics, Centerview Partners LLC acted as the exclusive financial advisor, and Goodwin Procter LLP provided legal counsel throughout the transaction.
Bayer Continues Investment in Research and Development
Bayer remains one of the world's largest life sciences companies, with significant investments across pharmaceuticals, consumer health, and crop science.
In fiscal year 2025, Bayer reported sales of 45.6 billion euros and employed approximately 88,000 people globally. The company also invested 5.8 billion euros in research and development activities, reflecting its continued focus on advancing innovative healthcare solutions and expanding its pipeline across multiple therapeutic areas.

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