Bayer agreed to acquire Perfuse Therapeutics for up to $2.45 billion, starting with a $300 million upfront payment, to expand its ophthalmology pipeline. Perfuse’s lead program, PER-001, is a small-molecule endothelin receptor antagonist designed for a slow-release, dissolvable implant. The asset has shown phase 2 results in open-angle glaucoma and diabetic retinopathy, including reported improvements versus control at six months for glaucoma and contrast-sensitivity gains for diabetic retinopathy. The transaction structure includes potential development, regulatory, and commercial milestones that could increase the total value to $2.45 billion. Bayer said the acquisition complements its existing eye franchise led by Eylea (aflibercept). The deal matters for competitively positioning late-stage ophthalmic biologics and implants, because PER-001 represents a different mechanism class and a device-based delivery model that can be integrated into existing treatment pathways.