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\u2019s first \u2014 and potentially largest \u2014 drug company acquisition in years.\u00a0<\/p>\n
The German company said Wednesday<\/a> 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\u2019s stockholders and cleared by antitrust regulators.\u00a0<\/p>\n The deal will hand Bayer a treatment called PER-001 that\u2019s 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.<\/p>\n 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\u2019s 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<\/a> last year.<\/p>\n If successful in testing, Perfuse\u2019s drug could help boost an eye drug business that\u2019s 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<\/a>. Bayer reported a year-over-year decline of about 12% in the fourth quarter of 2025.<\/a> Revenue for a high-dose version hasn\u2019t yet accelerated as much as analysts had hoped<\/a>.\u00a0<\/p>\n \u201cWith this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients,\u201d said Juergen Eckhardt, the head of business development and licensing at Bayer\u2019s pharmaceuticals division, in a statement.<\/p>\n The Perfuse deal is Bayer\u2019s first drug company purchase since 2021<\/a>, according to BioPharma Dive data. If all the acquisition milestones are paid out, the buyout would be Bayer\u2019s biggest since its takeover of Asklepios BioPharmaceuticals in 2020.<\/a><\/p>\n