Bayer agreed to buy Perfuse Therapeutics for $300 million upfront, with potential total deal value up to $2.45 billion, expanding its ophthalmology pipeline with a mid-stage implant program. The target product is a slow-release, dissolvable implant being evaluated for glaucoma and diabetic retinopathy. The acquisition gives Bayer control of a therapy that uses an eye-implant delivery approach and follows earlier positive mid-stage performance reported for Perfuse’s PER-001. Bayer is positioning the deal as complementary to its existing eye franchise, led by Eylea (aflibercept). While details on timelines to pivotal development were not included in the report, the transaction underscores how quickly large pharma continues to focus M&A on modality-driven delivery advantages and specialty disease areas with clear regulatory paths.