Bayer agrees to acquire ophthalmology biotech Perfuse Therapeutics for $300 million upfront

Bayer announced it will purchase Perfuse Therapeutics, a company focused on eye-disease treatments, for an upfront payment of $300 million. The acquisition includes Perfuse's mid-stage program that aims to address the leading causes of blindness.

The deal marks Bayer's re-entry into pharmaceutical mergers and acquisitions after a period of inactivity. By adding an ophthalmology platform, Bayer seeks to broaden its presence in the eye-care market.

Financial terms beyond the upfront cash were not disclosed, and the transaction is expected to close later this year pending customary approvals.