Bayer to buy Perfuse for up to $2.45B, bolstering eye drug pipeline

An article from Bayer to buy Perfuse for up to $2.45B, bolstering eye drug pipeline Centered around a glaucoma therapy in mid-stage testing, the deal is Bayer’s first drug company acquisition in several years and potentially its largest since it purchased AskBio in 2020. Published May 6, 2026 Delilah Alvarado Reporter Share Copy link Email LinkedIn X/Twitter Facebook Print License Add us on Google Bayer has agreed to acquire biotechnology startup Perfuse Therapeutics in a deal that could be worth up to $2.45 billion, marking the healthcare conglomerate’s first — and potentially largest — drug company acquisition in years. The German company said Wednesday it will shell out $300 million upfront for the San Francisco-based biotech, with the bulk of the additional deal payouts only coming if certain unspecified development, regulatory and commercial benchmarks are met.

The acquisition will close once approved by Perfuse’s stockholders and cleared by antitrust regulators. The deal will hand Bayer a treatment called PER-001 that’s currently in mid-stage testing for the treatment of glaucoma and diabetic retinopathy. Delivevered via an intravitreal implant, the therapy blocks signaling of a protein that constricts blood vessels and contributes to the ocular damage that occurs in certain eye diseases.

Bayer believes this approach could represent a new and different way to alter the course of glaucoma and diabetic retinopathy, which are typically treated, respectively, with eye drops or injections. In glaucoma, the drug’s being studied as a way to improve vision, while in diabetic retinopathy it might help relieve the restriction of blood flow in the retina, Bayer said in a statement. Perfuse claimed success in a pair of Phase 2 studies last year.

If successful in testing, Perfuse’s drug could help boost an eye drug business that’s absorbing the loss of patent protection for Eylea. Bayer splits rights to the therapy with partner Regeneron, but sales have been falling due to growing competition from biosimilars and a competing medicine from Roche. Bayer reported a year-over-year decline of about 12% in the fourth quarter of 2025.

Revenue for a high-dose version hasn’t yet accelerated as much as analysts had hoped. “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, the head of business development and licensing at Bayer’s pharmaceuticals division, in a statement. The Perfuse deal is Bayer’s first drug company purchase since 2021, according to BioPharma Dive data.

If all the acquisition milestones are paid out, the buyout would be Bayer’s biggest since its takeover of Asklepios BioPharmaceuticals in 2020. The company has been largely focused on restructuring and streamlining its business since the 2023 appointment of Bill Anderson, a former Roche executive, as CEO. Add us on Google Share Copy link Email LinkedIn X/Twitter Facebook Print purchase licensing rights Filed Under: Pharma, Biotech