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The basics:

• Bayer to acquire Perfuse Therapeutics for up to $2.45B
• Deal includes PER-001 eye implant for glaucoma, diabetic retinopathy
• Aims to strengthen ophthalmology pipeline
• Move comes ahead of key drug patent expirations

Bayer plans to spend up to $2.45 billion to purchase biopharmaceutical company Perfuse Therapeutics in an effort to boost its ophthalmology pipeline.

After a $300 million upfront payment, the German multinational would make additional development, regulatory and commercial milestone payments based on success criteria, according to a May 6 press release.

As part of the deal, Bayer would gain access to an eye disease implant under development to treat glaucoma and diabetic retinopathy. Currently in clinical trials, PER-001 has the potential to become one of the first disease-modifying treatments for both conditions, Bayer believes.

San Francisco-based Perfuse reported phase II data show PER-001 demonstrated significant improvements in vision compared to control in each trial.

Bayer has its U.S. headquarters in Whippany. The company said it feels the acquisition “strategically fits” its “footprint and expertise in ophthalmology.”

That current ophthalmology portfolio includes Regeneron-partnered eye drug Eylea. With $3.7 billion in revenue last year, it is considered one of Bayer’s top-grossing pharmaceutical products.

At a loss

However, the best-selling drug is set to lose its patent around 2027, opening the door to cheaper biosimilars and pricing pressure.

Bayer is also losing exclusivity of blockbuster blood thinner Xarelto. In 2025, that drug’s revenue fell 30% year over year to $2.5 billion due to accelerating generic competition, according to the company.

Ahead of the expiration, Bayer has made moves to strengthen its pharmaceutical pipeline.

With this acquisition, we are complementing our expertise in ophthalmology and our pipeline…
– Juergen Eckhardt, head of business development & licensing, Bayer

The company has made several smaller, targeted biotech acquisitions, as well as launched partnerships, to rebuild its pipeline in areas such as gene therapy, oncology and ophthalmology.

Bayer Head of Business Development & Licensing Juergen Eckhardt said, “We are excited by the work of the team at Perfuse Therapeutics and encouraged by the potential of PER-001. With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients.”

Perfuse founder and CEO Sevgi Gurkan shared, “I’m incredibly proud of what the Perfuse team has accomplished and deeply thankful to all our investors and collaborators.”

“Bayer’s vision aligns closely with ours, and they have the scale and global resources to unlock the full potential of PER-001 to change the trajectory of human blindness. We are very excited to see our mission continue with even greater momentum,” Gurkan went on.

The Wall Street Journal noted that the Perfuse purchase would be Bayer’s largest since its $4 million takeover of AskBio in 2020. Other acquisitions over the past six years include Vividion Therapeutics for $2 billion in 2021 and KaNDy Therapeutics for $875 million in 2020.