Bayer agreed to acquire Perfuse Therapeutics for an upfront payment of $300 million, with total potential value up to $2.45 billion including development, regulatory, and commercial milestones.
The deal centers on PER-001, a small-molecule endothelin receptor antagonist in Phase II for glaucoma and diabetic retinopathy, delivered via a bio-erodible intravitreal implant every six months.
This marks Bayer's first biopharma acquisition since 2021 (Vividion Therapeutics), ending a multi-year M&A drought.
Perfuse Therapeutics is a San Francisco-based biotech focused on ischemia-induced ocular diseases; Bayer gains full rights to PER-001.
Transaction announced on May 6, 2026, subject to antitrust clearances and stockholder approval; complements Bayer's ophthalmology pipeline.