Bayer has agreed to acquire Perfuse Therapeutics for up to $2.45 billion, securing a mid-stage glaucoma therapy that could become a cornerstone of its ophthalmology pipeline. The deal marks Bayer's first drug company acquisition in several years and potentially its largest since purchasing AskBio in 2020.
The lead asset, a therapy currently in Phase 2 testing, targets patients with open-angle glaucoma and is also being explored for diabetic retinopathy. While specific efficacy and safety data were not disclosed in the announcement, the drug's mechanism aims to address a large unmet need in a market dominated by prostaglandin analogs and surgical interventions.
Bayer expects to close the transaction in the second half of 2024, subject to customary regulatory approvals. The german pharma giant plans to leverage its existing ophthalmology commercial infrastructure, which includes the blockbuster drug Eylea, to support a potential future launch.
For Bayer, the acquisition bolsters a portfolio that has lacked late-stage ophthalmic assets outside of Eylea-related programs. Perfuse's glaucoma candidate offers a pathway to diversify revenue as the company faces declining sales pressure from biosimilars on its top-selling drugs. Financial terms include an upfront payment and milestone-based earnouts.
The deal comes as the glaucoma treatment market, valued at over $5 billion annually, sees increasing competition from emerging RNA-targeted and gene therapies. Some analysts caution that Phase 2 data is still limited and that the assets will require significant additional investment to reach commercialization.