Bayer agreed to acquire Perfuse Therapeutics for up to $2.45 billion, adding PER-001 to its ophthalmology development pipeline. The deal includes a $300 million upfront payment and additional development, regulatory, and commercial milestones. Perfuse’s lead asset, PER-001, is an endothelin receptor antagonist delivered via a bioerodible intravitreal implant designed for sustained release over six months. It is in Phase II development for open-angle glaucoma and diabetic retinopathy, following positive Phase IIa results that Perfuse reported for retinal function and ocular blood flow outcomes. Bayer said PER-001 would complement its existing ophthalmology franchise built around Eylea (aflibercept), which faces patent-expiration-driven pressure in parts of the portfolio. The transaction is expected to broaden Bayer’s options in eye disorders where disease-modifying therapies remain limited.