Story perspectives

Bayer to Buy Perfuse Therapeutics for $2.45 B, Expands Eye Portfolio

5/6/2026

Summary

Story summary

Bayer AG agreed to acquire U.S. biotech Perfuse Therapeutics for up to $2.45 billion, with an upfront $300 million payment.
The acquisition adds PER-001, a small-molecule endothelin antagonist in mid-stage trials for glaucoma and diabetic retinopathy, delivered via a six-month intravitreal implant, to Bayer’s eye portfolio that generated €3.11 billion in 2025 but fell 5.9 % year-over-year.
The deal, Bayer’s first drug purchase since 2021, still needs Perfuse shareholder and antitrust approval.

History

Historical Context

In 2010 Novartis paid $39 billion to acquire eye-care leader Alcon, creating a dominant ophthalmology platform. That deal set a precedent for large-scale eye-drug consolidation, which Bayer follows in 2024 by agreeing to buy Perfuse Therapeutics in a multibillion-dollar deal to add the PER-001 pipeline. The moves illustrate pharma’s ongoing strategy of securing ophthalmic depth through multibillion-dollar acquisitions.

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Story summary

Bayer AG agreed to acquire U.S. biotech Perfuse Therapeutics for up to $2.45 billion, with an upfront $300 million payment.
The acquisition adds PER-001, a small-molecule endothelin antagonist in mid-stage trials for glaucoma and diabetic retinopathy, delivered via a six-month intravitreal implant, to Bayer’s eye portfolio that generated €3.11 billion in 2025 but fell 5.9 % year-over-year.
The deal, Bayer’s first drug purchase since 2021, still needs Perfuse shareholder and antitrust approval.

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