Bayer to Acquire Perfuse Therapeutics in Deal Worth Up to $2.45 Bn
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The transaction includes an upfront payment of $300 million, while the remaining $2.15 billion is tied to development, regulatory, and commercial milestones.
Bayer has agreed to acquire Perfuse Therapeutics in a deal valued at up to $2.45 billion, expanding its ophthalmology pipeline with the addition of PER-001, an experimental therapy currently in Phase II development for multiple eye diseases.
The transaction includes an upfront payment of $300 million, while the remaining $2.15 billion is tied to development, regulatory, and commercial milestones. The deal remains subject to shareholder and antitrust approvals.
Perfuse’s lead candidate, PER-001, is a small molecule endothelin receptor antagonist being developed for ophthalmic disorders. The therapy is currently in Phase II studies for open-angle glaucoma and diabetic retinopathy (DR), while additional preclinical programs are underway for dry age-related macular degeneration (AMD), geographic atrophy, and retinal vein occlusion.
The acquisition strengthens Bayer’s ophthalmology portfolio at a time when its blockbuster eye drug Eylea faces upcoming patent expirations in the United States beginning in 2027.
According to data previously disclosed by Perfuse, PER-001 showed positive results in two Phase IIa studies conducted last year.
In the glaucoma trial, 22.2% of low-dose patients and 37.5% of high-dose patients achieved at least a 7 decibel improvement in a predefined retinal region after six months, compared to no improvement in the control group. The treatment was administered alongside standard intraocular pressure-reducing therapies.
In a separate diabetic retinopathy study, patients receiving PER-001 demonstrated improvements in low luminance contrast sensitivity and visual acuity compared to worsening outcomes in the control arm after 20 weeks.
PER-001 is delivered through an intravitreal bio-erodible implant using a single-use applicator designed for sustained drug release.
“We are excited by the work of the team at Perfuse Therapeutics and encouraged by the potential of PER-001,” said Juergen Eckhardt, MD, head of business development and licensing at Bayer Pharmaceuticals.
Bayer’s ophthalmology business has long depended on Eylea, co-marketed with Regeneron Pharmaceuticals. Combined global sales of Eylea and Eylea HD reached approximately $8.04 billion last year, though sales declined in the mid-teens. Regeneron recently reported first-quarter U.S. sales of $941 million for the drug, down 10% year over year.
Perfuse Therapeutics is headquartered in San Francisco and operates research facilities in Durham.
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