Bayer is paying $300 million to buy Perfuse Therapeutics, a clinical-stage biotech that offers a new growth opportunity in ophthalmology as the pharmaceutical company’s top eye product weathers declining revenue amid biosimilar competition.
Perfuse aims to treat vision disorders by improving blood flow in the eye. Lead Perfuse program PER-001 is in mid-stage development for glaucoma and diabetic retinopathy. The research of South San Francisco-based Perfuse focuses on endothelin, a peptide produced by the body that acts as a vasoconstrictor, narrowing blood vessels and raising blood pressure.
Endothelin is upregulated in vision disorders and is associated with inflammation and cell death through its receptors expressed in the eyes. While endothelin receptor-blocking drugs are available for circulatory conditions such as hypertension, no drugs in this class are currently approved for eye disorders.
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PER-001 is a small molecule designed to inhibit endothelin receptors in the eye. This approach is intended to improve blood flow and prevent the death of retinal cells. The Perfuse drug is administered via a bio-erodible intravitreal implant that provides sustained release of the molecule for six months. Endothelin activity is associated with a range of vision-loss disorders. Besides glaucoma and diabetic retinopathy, the Perfuse pipeline lists preclinical programs evaluating the drug in the dry form of age-related macular degeneration, which can lead to geographic atrophy; and retinal vein occlusion.
Last June, Perfuse reported results from Phase 2 tests of PER-001, which was administered on top of standard of care intraocular pressure-reducing therapies. In both glaucoma and diabetic retinopathy, the company reported significant vision improvement compared to the control groups. The study drug was safe and well tolerated in both studies. At the time of the announcement, Perfuse said the next step would be a Phase 2b/3 study expected to begin in the second half of 2025.
“With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients,” Juergen Eckhardt, head of business development and licensing at Bayer Pharmaceuticals, said in a prepared statement.
Bayer has been carrying out a multi-year turnaround plan, streamlining operations and developing new products with the potential to achieve blockbuster sales. The pharma company has extensive experience with eye drug development and commercialization through Eylea, which has approvals in the wet form of age-related macular degeneration, diabetic macular edema, retinal vein occlusion, and diabetic retinopathy. This fusion protein, administered by injection into the eye, works by blocking proteins that support blood vessel growth that drives eye disorders. Regeneron Pharmaceuticals holds U.S. rights to Eylea while Bayer holds its rights for the rest of the world.
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For 2025, Bayer reported €3.1 billion (about $3.6 billion) in Eylea revenue, making it the company’s top-selling pharmaceutical product. But that sales figure represents 5.9% decline compared to the prior year. In its annual report, Bayer attributed the decrease to lower prices, particularly in Canada, the United Kingdom, and Japan, as well as pricing pressure from biosimilar versions that are gaining traction in the market.
According to deal terms announced Wednesday, Bayer’s $300 million payment for Perfuse is upfront consideration. Depending on the progress of Perfuse’s drug, milestone payments could bring total the payout to as much as $2.45 billion. The acquisition still needs approvals from regulators and Perfuse shareholders.
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