For several billions: Bayer adds Perfuse Therapeutics to portfolio of eye therapies

The Leverkusen-based pharmaceutical and life sciences group Bayer AG is strengthening its ophthalmology pipeline with a multibillion-dollar acquisition. The company has agreed to acquire US biotech firm Perfuse Therapeutics for up to $2.45bn. The deal includes an upfront payment of $300m, with additional payments tied to development, regulatory and commercial milestones.

Later stage of paramount interest

At the centre of the transaction is PER-001, an endothelin receptor antagonist currently in Phase II development for the treatment of glaucoma and diabetic retinopathy. Bayer believes the small molecule has the potential to become a disease-modifying therapy in indications characterised by high unmet medical need and limited treatment options.

Strategically, the acquisition complements Bayer’s existing ophthalmology portfolio, which has been heavily reliant on the blockbuster Eylea. However, this franchise is increasingly under pressure following patent expiry. The anticoagulant Xarelto has also lost market exclusivity, further increasing the need for new growth drivers. In recent years, Bayer was mainly acquiring early stage innovations like ASK Bio, Vividion and Kandy Therapeutics whith an accumulated value of nearly USD7 billion.

The deal also signals a return to later phase and larger-scale M&A activity after Bayer had been financially constrained by the costly Monsanto acquisition and subsequent litigation. In recent years, the company had focused primarily on earlier-stage assets. With Perfuse, Bayer is now targeting more advanced clinical programmes to reinforce its pipeline and secure mid-term revenue potential.