Bayer is set to expand its ophthalmology pipeline with its agreement to acquire Perfuse Therapeutics for up to $2.45 billion, the companies said. The deal gives Bayer rights to PER-001, a small-molecule endothelin receptor antagonist delivered via a slow-release, dissolvable intravitreal implant, plus two Phase II programs in glaucoma and diabetic retinopathy. Perfuse previously reported positive Phase IIa results for a single intravitreal PER-001 administration added to standard-of-care IOP-lowering therapies in glaucoma, with responder rates improving versus control at six months. In diabetic retinopathy, Phase IIa data showed improvements in contrast sensitivity and visual acuity measures at week 20 versus worsening in the control arm. Bayer framed the transaction as a complement to its existing ophthalmology footprint, with the acquisition adding mid-stage development programs aimed at conditions that drive leading causes of blindness. The reported structure includes upfront and milestone components, aligning with how large biopharma has been buying differentiated assets to build late-stage-ready franchises. Analysts will likely focus on whether PER-001’s implant-based delivery can translate into durable efficacy and safety across broader patient subgroups, and how quickly Bayer can integrate the program into its development and regulatory plans.