Bayer expanded its ophthalmology portfolio by acquiring Perfuse Therapeutics for $2.45 billion, gaining full rights to PER-001 for glaucoma and diabetic retinopathy. The transaction includes a $300 million upfront payment and additional development, regulatory, and commercial milestone payments. PER-001 is a Phase II intravitreal small-molecule endothelin receptor antagonist delivered via a bio-erodible implant that sustains release for six months. Bayer said a Phase II trial of PER-001 added to standard-of-care intraocular pressure therapies increased ocular blood flow and improved visual function and anatomic structure over a six-month period. The deal matters for competitive positioning as Bayer’s existing ophthalmology franchise includes Eylea (aflibercept) under partnership with Regeneron, with Bayer reporting revenue pressure from biosimilar competition after patent expiration in 2023. For drug developers, the Perfuse acquisition underscores how big pharma is continuing to staff retinal and glaucoma pipelines with differentiated mechanisms beyond anti-VEGF approaches.