Bayer Pharmaceuticals has agreed to acquire Perfuse Therapeutics, gaining full rights to PER-001, a small molecule endothelin receptor antagonist in phase 2 development for open-angle glaucoma and diabetic retinopathy. The company announced the acquisition, potentially valued at up to $2.45 billion, in a press release.

PER-001 is being developed as a sustained-release intravitreal implant targeting ischemia-driven retinal disease. Endothelin signaling is implicated in vascular constriction, inflammation, and cell death in retinal tissue, with relevance to both neurodegenerative and microvascular pathology. Perfuse CEO Sevgi Gurkan, MD, said Bayer’s scale and resources could “unlock the full potential of PER-001 to change the trajectory of human blindness.”

The deal includes a $300 million upfront payment, with additional milestone payments tied to development, regulatory, and commercial progress. It remains subject to antitrust clearance and Perfuse shareholder approval.

“We are excited by the work of the team at Perfuse Therapeutics and encouraged by the potential of PER-001. With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients,” said Juergen Eckhardt, MD, head of business development and licensing at Bayer Pharmaceuticals. GP