Bayer to Acquire Perfuse Therapeutics to Complement Ophthalmology Pipeline

Key Terms

endothelin receptor antagonist medical

An endothelin receptor antagonist is a type of drug that blocks the action of endothelin, a naturally occurring molecule that tightens blood vessels; think of it as turning down a volume knob that otherwise makes vessels constrict. Investors care because these drugs can treat serious conditions driven by vessel constriction (affecting demand, pricing and patient outcomes), and clinical trial results, safety profiles and regulatory approvals directly affect a company’s revenue prospects and valuation.

ischemia medical

Ischemia is a condition where part of the body isn’t getting enough blood and therefore not enough oxygen and nutrients, like a plant wilting when its water supply is pinched off. For investors, ischemia matters because it drives demand for diagnostics, medications, medical devices and procedures, affects clinical trial outcomes and regulatory decisions, and can influence healthcare costs, liability risk and revenue forecasts for companies in the medical sector.

diabetic retinopathy medical

Diabetic retinopathy is an eye disease where prolonged high blood sugar damages the tiny blood vessels and nerve tissue at the back of the eye, leading to blurred vision or blindness if untreated. Investors track it because the condition affects a large, growing patient population and drives demand for screening tools, drugs, surgical devices and long-term care—think of it like damaged wiring in a camera that creates a market for repairs and upgrades.

neovascularization medical

The growth of new blood vessels into tissue, often triggered by injury, disease, or tumors; think of it as the body sending a construction crew to build new roads (vessels) where extra blood flow is needed. For investors, neovascularization matters because drugs, medical devices, and diagnostics that block, promote, or measure this process can determine treatment effectiveness, safety profiles, regulatory approval, and market potential in areas such as eye disease, cancer, and wound healing.

neuroprotective medical

Neuroprotective describes a drug, treatment, or compound that helps protect nerve cells from injury, degeneration, or death and can slow or prevent loss of brain or nervous-system function. For investors, claims of neuroprotective activity matter because they suggest a therapy could address chronic or progressive conditions (like those that worsen over time), potentially creating long-term demand, higher development hurdles, and regulatory scrutiny; think of it as a shield for neurons that could change a product’s market value.

phase II medical

Phase II is the mid-stage clinical trial where a potential drug or medical treatment is tested in a larger group of patients to see if it works and to help determine the best dose and common side effects. For investors, Phase II results matter because they give the first meaningful evidence about effectiveness and safety—like a road test that shows whether a product has real promise before a much bigger, costly final trial and potential regulatory approval.

• Perfuse Therapeutics’ investigational lead program shows potential to become one of the first disease-modifying treatments for both Glaucoma and Diabetic Retinopathy (DR)
• High unmet medical need of patients with Glaucoma affecting up to 80 million people² and Diabetic Retinopathy affecting around 146 million³ worldwide
• Acquisition complements Bayer’s pharmaceutical pipeline and strategically fits with Bayer’s footprint and expertise in ophthalmology

Not intended for UK Media

BERLIN & SAN FRANCISCO--(BUSINESS WIRE)-- Bayer and Perfuse Therapeutics Inc. today announced an agreement under which Bayer will fully acquire Perfuse Therapeutics, a biopharmaceutical company pioneering transformational research into the treatment of ischemia-induced ocular diseases. With this acquisition, Bayer will hold the full rights pertaining to PER-001, a small molecule endothelin receptor antagonist currently in Phase II clinical development for the treatment of Glaucoma and Diabetic Retinopathy (DR).

This represents one of the first potential treatments for Glaucoma and DR being studied for its ability to improve the visual field for Glaucoma patients and to improve contrast sensitivity and reduce ischemia in DR patients.

“We are excited by the work of the team at Perfuse Therapeutics and encouraged by the potential of PER-001,” said Juergen Eckhardt, M.D., Head of Business Development and Licensing at Bayer Pharmaceuticals. “With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients.”

“I’m incredibly proud of what the Perfuse team has accomplished and deeply thankful to all our investors and collaborators," said Sevgi Gurkan, MD, Founder and CEO of Perfuse Therapeutics, Inc. "Bayer’s vision aligns closely with ours, and they have the scale and global resources to unlock the full potential of PER-001 to change the trajectory of human blindness. We are very excited to see our mission continue with even greater momentum.”

Glaucoma is a progressive optic neuropathy that causes the loss of retinal ganglion cells, resulting in loss of visual fields. It is the leading cause of irreversible vision loss¹ affecting ~76-80 million people worldwide (2020) and is projected to affect ~112 million people by 2040 due to population aging.² Despite its prevalence, there are no approved treatments today, preventing disease progression and blindness independently from the saturated approach of lowering intraocular pressure. There is a high unmet medical need for neuroprotective treatments for patients with Glaucoma.

Diabetic Retinopathy (DR) is a microvascular complication of diabetes that damages retinal capillaries, causing ischemia, leakage, and neovascularization affecting about 146 million people globally today. This includes about 25 percent of adults with diabetes and is projected to increase to 160 million people by 2045. Currently, 25 million people have vision‑threatening DR and 1.3 million people are blind.³

Under the terms of the agreement, the transaction carries a total potential value of up to USD 2.45 billion, comprising a USD 300 million upfront payment and additional development, regulatory, and commercial milestone payments based on success criteria.

For Bayer, BofA Securities is acting as exclusive financial advisor and Baker McKenzie is acting as legal counsel. For Perfuse, Centerview Partners LLC is acting as exclusive financial advisor and Goodwin Procter LLP is acting as legal counsel.

The acquisition is subject to and will become effective after receiving the necessary antitrust clearances and Perfuse stockholder approvals.

About PER-001
PER-001 is an investigational small molecule endothelin receptor antagonist being developed for the treatment of ophthalmic diseases. Endothelin is the most potent vasoconstrictor in the human body and is upregulated in glaucoma, diabetic retinopathy, age-related macular degeneration and retinal vein occlusion. Endothelin is involved in inflammation and cell death through its receptors expressed in retinal vascular and neuroretinal cells. The PER-001 intravitreal implant is a bio-erodible implant administered into the vitreous cavity of the eye using a single-use, 25-gauge applicator and designed to provide a sustained release of PER-001, allowing for a convenient dosing regimen.

About Perfuse Therapeutics
Perfuse Therapeutics is a biopharmaceutical company pioneering transformational research into the treatment of ischemia-induced ocular diseases. Enabled by its proprietary sustained-release drug delivery platform, the company is advancing its lead asset PER-001 for global leading causes of blindness. Headquartered in South San Francisco, Calif., and with R&D facilities in Durham, N.C., Perfuse Therapeutics has established a strong team committed to advancing disease-modifying therapies to patients with ocular disease around the world. For more information, visit www.perfusetherapeutics.com and LinkedIn.

About Bayer
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In line with its mission, “Health for all, Hunger for none,” the company’s products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2025, the Group employed around 88,000 people and had sales of 45.6 billion euros. R&D expenses amounted to 5.8 billion euros. For more information, go to www.bayer.com.

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Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Bayer AG is a holding company with operating subsidiaries worldwide. References to “Bayer” or “the company” herein may refer to one or more subsidiaries as context requires.

1 Vision Loss Expert Group of the Global Burden of Disease, 2024, Eye
2 Sarkis et al., 2025, Frontiers in Med
3 WHO, 2019, World report on vision Executive Summary

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505596100/en/

Bayer U.S. Media Contact:
Elaine Colón, phone: +1-7-32-236-1587
Email: elaine.colon@bayer.com

Bayer Global Media Contact:
Lisa Varrelmann, phone +49 1746466492
Email: lisa.varrelmann@bayer.com

Contact for investor inquiries:
Bayer Investor Relations Team, phone +49 214 30-72704
Email: ir@bayer.com
www.bayer.com/de/investoren/ir-team

Perfuse Therapeutics Media Contact:
Perfuse Therapeutics Team
Email: info@perfusetherapeutics.com

Perfuse Therapeutics investor inquiries:
Perfuse Therapeutics Team
Email: info@perfusetherapeutics.com

Source: Bayer