Bayer to acquire Perfuse Therapeutics in US$2.45B deal to strengthen its ophthalmology pipeline

GERMANY—Bayer has agreed to acquire Perfuse Therapeutics in a deal valued at up to US$2.45 billion, as the German drugmaker seeks to strengthen its ophthalmology portfolio following the expiry of the patent for its blockbuster eye drug, Eylea (aflibercept).

Under the agreement, Bayer will pay US$300 million upfront, with the remaining US$2.15 billion contingent on development, regulatory, and commercial milestones linked to the success of Perfuse’s lead candidate, PER-001.

The transaction remains subject to antitrust approvals and shareholder consent.

PER-001 targets major causes of blindness

PER-001 is currently in Phase II clinical trials for glaucoma and diabetic retinopathy (DR), two of the leading causes of blindness worldwide.

The therapy is delivered through a bio-erodible sustained-release implant placed inside the eye, allowing long-term drug administration.

Unlike conventional glaucoma treatments that mainly reduce intraocular pressure to slow disease progression, PER-001 is being studied for its potential to improve patients’ visual field, positioning it as a possible disease-modifying therapy.

In diabetic retinopathy, the therapy may also improve contrast sensitivity while reducing ischemia, or restricted blood flow, in the eye.

The therapy works by blocking endothelin activity, a pathway commonly linked to inflammation, reduced blood circulation, and cell death in ocular diseases.

By inhibiting endothelin receptors, PER-001 aims to improve blood flow in retinal vessels while reducing inflammation and tissue damage.

Perfuse is also exploring the drug’s potential in geographic atrophy (GA) and retinal vein occlusion (RVO), further expanding its ophthalmology pipeline.

Bayer expands beyond Eylea

The acquisition comes as Bayer seeks to reinforce its position in ophthalmology amid growing biosimilar competition facing Eylea, which it co-developed with Regeneron.

At its peak in 2022, Eylea generated combined sales of approximately US$9.6 billion for the partners before global patent protections began expiring.

To extend the franchise, Bayer introduced Eylea HD, an 8mg higher-dose version designed to maintain market share in retinal diseases.

However, the company is also pursuing new therapies to diversify its ophthalmology business and address unmet medical needs in glaucoma and diabetic retinopathy.

Juergen Eckhardt, Head of Business Development and Licensing at Bayer Pharmaceuticals, said the acquisition complements Bayer’s ophthalmology expertise and reinforces its commitment to developing urgently needed therapies for patients.

Meanwhile, Perfuse CEO Sevgi Gurkan said Bayer’s global reach and resources could help accelerate PER-001’s development and expand access to treatment for patients at risk of vision loss.