Bayer struck a deal to expand its ophthalmology pipeline by acquiring Perfuse Therapeutics for up to $2.45 billion. The purchase gives Bayer full rights to PER-001, a small-molecule endothelin receptor antagonist being developed for glaucoma and diabetic retinopathy via a bioerodible intravitreal implant. Perfuse’s Phase II programs showed clinical activity after a single intravitreal administration, with improvements in ocular blood flow and visual function outcomes reported across multiple endpoints for glaucoma and diabetic retinopathy. Bayer also pointed to its existing ophthalmology footprint, including Eylea commercialization supported by Regeneron, as it looks to deepen its eye franchise beyond VEGF. The transaction includes a $300 million upfront payment plus development, regulatory, and commercial milestones, positioning PER-001 as a potential disease-modifying addition in areas where no drugs in this endothelin class are currently approved for eye disorders.