Bayer agreed to acquire Perfuse Therapeutics for up to $2.45 billion, betting on ophthalmology assets led by PER-001, an endothelin receptor antagonist delivered as a slow-release, dissolvable implant. The deal gives Bayer rights to Perfuse’s mid-stage programs in open-angle glaucoma and diabetic retinopathy. Perfuse’s Phase IIa data for PER-001 showed visual-field improvements in glaucoma patients and contrast-sensitivity gains in diabetic retinopathy, with results framed as add-on effects to existing standard-of-care therapies. Bayer said the acquisition is intended to broaden its ophthalmology pipeline alongside its existing eye franchise. The transaction underscores continuing focus on eye disorders where drug delivery and dosing convenience can translate into differentiated clinical outcomes. Bayer also positioned the acquisition as its first substantial pharma buy since 2021, in a period marked by selective capital allocation. For Perfuse, the agreement provides scale and development resources for PER-001’s continued Phase II and preclinical expansion while potentially accelerating regulatory and commercialization plans across key geographies.