Bayer announced on Wednesday an agreement to acquire Perfuse Therapeutics for as much as $2.45 billion, with an upfront payment of $300 million. The deal is designed to bring in a mid-stage eye-disease drug candidate as the German pharmaceutical giant seeks to strengthen its ophthalmology portfolio amid growing competition for its top-selling eye drug, Eylea.
The remaining payments are contingent on the drug's progress through clinical development, regulatory milestones, and eventual commercial success. The acquisition underscores Bayer's strategic push to rejuvenate its drug pipeline, particularly in the eye-care segment, where it has faced headwinds from generic rivals and pricing pressures.
Eylea, which generated €3.11 billion in sales during 2025, remains a key revenue driver for Bayer's pharmaceutical division. However, that figure represented a 5.9% year-over-year decline, driven by falling prices and the encroachment of biosimilars and other competing therapies. Regeneron holds U.S. rights to Eylea, while Bayer markets it internationally, but the drug's market share has been eroding, with Roche among the competitors gaining ground.
Perfuse's lead candidate, PER-001, is currently in Phase II trials targeting two major eye conditions: glaucoma and diabetic retinopathy. Glaucoma is a leading cause of blindness, while diabetic retinopathy, a complication of diabetes affecting retinal blood vessels, can also lead to vision loss. Bayer's researchers are evaluating PER-001's ability to improve visual field in glaucoma patients and enhance contrast sensitivity while reducing ischemia—restricted blood flow—in diabetic retinopathy patients.
PER-001 functions as an endothelin receptor antagonist, blocking the peptide endothelin that constricts blood vessels. By improving blood flow to the eye, the drug aims to prevent retinal cell death. It is administered via a bio-erodible implant placed directly in the eye, ensuring a steady, sustained release of the medication over time.
Juergen Eckhardt, head of business development and licensing at Bayer Pharmaceuticals, described the potential of PER-001 as “encouraging.” Sevgi Gurkan, founder and CEO of Perfuse, highlighted Bayer's global scale as a key factor in unlocking the full potential of the program. Most existing therapies for glaucoma focus on reducing intraocular pressure, while diabetic retinopathy treatments typically target damage control. PER-001 is being positioned as a potential disease-modifying therapy that could alter the progression of these diseases, rather than merely addressing symptoms.
The deal comes at a time when Bayer's pharmaceutical division is navigating a challenging landscape. The company has prioritized restructuring in recent years, making this acquisition one of its largest biotech moves in some time. However, the transaction carries notable risks. PER-001 has not yet advanced beyond mid-stage trials, and the bulk of the $2.45 billion payout is tied to future milestones. Notably, as of the announcement, no Phase III trial for PER-001 or Perfuse was listed in the federal clinical trials database, according to Fierce Biotech.
The acquisition is subject to antitrust clearance and approval by Perfuse shareholders. Bayer is being advised by BofA Securities, while Centerview Partners is advising Perfuse. Legal counsel includes Baker McKenzie for Bayer and Goodwin Procter for Perfuse.
