Bayer agreed to acquire Perfuse Therapeutics for up to $2.45 billion, strengthening its ophthalmology pipeline with a mid-stage implant program. The transaction structure includes $300 million upfront with additional milestones, and is designed to add PER-001, a small-molecule endothelin receptor antagonist delivered via a dissolvable, slow-release implant injected into the eye. Perfuse reported positive Phase II results last year, including improvements in glaucoma visual field measures and benefit signals in diabetic retinopathy contrast sensitivity and ischemia-related outcomes. Bayer said PER-001 complements its existing ophthalmology franchise centered on Eylea and related therapeutics. With the acquisition, Bayer aims to broaden its eye disorder coverage across etiologies beyond anti-VEGF approaches. The deal also highlights how implant-based drug delivery and local endpoints continue to attract large pharmaceutical partnerships when Phase II signals suggest measurable functional improvements.