Bayer agreed on May 6, 2026 to acquire all of Perfuse Therapeutics, a private biotech company developing treatments for eye diseases caused by poor blood flow, in a deal worth up to $2.45 billion.
The German pharmaceutical group will pay $300 million upfront. The remainder, up to about $2.15 billion, depends on development, regulatory and commercial milestones. The deal gives Bayer full rights to PER-001, Perfuse's lead drug candidate, which is in Phase 2 clinical trials for glaucoma and diabetic retinopathy.
The acquisition required antitrust clearance and approval by Perfuse's stockholders before it could take effect. No closing date was given at announcement.
What Perfuse built
Perfuse Therapeutics works on ischemia-induced eye diseases, conditions in which reduced blood supply damages the retina and optic nerve. The company is headquartered in South San Francisco, California, and runs research and development facilities in Durham, North Carolina.
PER-001 is a small-molecule endothelin receptor antagonist. Endothelin receptors are linked to narrowing of blood vessels, inflammation and cell death in several eye diseases. The drug is formulated as a bio-erodible implant placed into the vitreous cavity of the eye with a single-use applicator, where it releases the drug over time.
Perfuse built the implant on its own sustained-release drug delivery platform. Bayer said it sees PER-001 as a potential disease-modifying treatment that targets reduced blood flow and vision loss, not only raised pressure inside the eye.
The announcements described PER-001 only as being in Phase 2 development. They did not give the design of the trials, the number of patients enrolled or any results to date.
“We are excited by the work of the team at Perfuse Therapeutics and encouraged by the potential of PER-001.”
Why Bayer is buying
Bayer already has an ophthalmology business and said the deal would add to its existing expertise and pipeline in the field. Juergen Eckhardt, head of business development and licensing at Bayer Pharmaceuticals, said the company was encouraged by the potential of PER-001.
The two target diseases affect large numbers of people. According to the companies, glaucoma affects about 76 million to 80 million people worldwide and is the leading cause of irreversible blindness. Diabetic retinopathy affects about 146 million people, including about 25 million with disease that threatens their sight.
Perfuse founder and chief executive Sevgi Gurkan said Bayer has the scale and global resources to realise the full potential of PER-001, and thanked the company's investors and collaborators.
Gurkan said she was proud of what the Perfuse team had accomplished. Bayer did not say in its announcement how it would run the remaining clinical development of PER-001 or what would happen to Perfuse's staff.
The advisers
BofA Securities acted as financial adviser to Bayer. Centerview Partners advised Perfuse Therapeutics on the financial side. Law firm Goodwin acted as legal counsel to Perfuse; the firm listed a life sciences team of 22 lawyers on the deal, beginning with Mitch Bloom and Rob Dzialo.
Neither side disclosed Perfuse's funding history, its investors or its headcount in the announcements reviewed for this article.
Milestone-heavy deal structure
Only about 12% of the headline value is paid upfront. The rest depends on PER-001 clearing further clinical trials, winning regulatory approval and reaching sales targets. If the drug fails in later trials, Bayer's outlay would be limited to the $300 million initial payment plus any milestones already reached.
The companies did not say how the milestone payments of up to about $2.15 billion are split between development, regulatory and commercial goals, or when any of them could fall due. They also did not disclose how the upfront payment would be divided among Perfuse's stockholders.
Business news site Pulse 2.0 reported on June 18, 2026 that Bayer had completed the acquisition, about six weeks after it was announced. Bayer now holds full rights to PER-001, and Perfuse is being fully integrated into the group. The completion report again described Perfuse as having operations in South San Francisco and research facilities in Durham, North Carolina.
