Bayer has completed its acquisition of Perfuse Therapeutics, gaining full global rights to PER-001, a first-in-class sustained-release endothelin receptor antagonist intravitreal implant in Phase II development for glaucoma and diabetic retinopathy, in a deal valued at up to USD 2.45 billion. The transaction extends Germany-based Bayer's ophthalmology portfolio into a mechanism class with no currently approved agents, adding a potential disease-modifying asset to a franchise anchored by Eylea (aflibercept).
As previously reported, Bayer paid USD 300 million upfront, with the remaining potential value of approximately USD 2.15 billion contingent on development, regulatory, and commercial milestones.
PER-001 is a bio-erodible intravitreal implant designed to deliver sustained endothelin receptor antagonism to the vitreous cavity over a six-month dosing interval. Endothelin is a potent vasoconstrictor upregulated across glaucoma, diabetic retinopathy, and other ischemia-driven ocular pathologies; by blocking endothelin receptors on retinal vascular and neuroretinal cells, PER-001 targets both vascular dysfunction and neurodegeneration. In glaucoma, the mechanism operates independently of intraocular pressure reduction, differentiating it from the entire current standard of care. Phase II data reported in June 2025 indicated statistically significant improvements in visual field sensitivity and retinal nerve fiber layer thickness in glaucoma patients, and improvements in contrast sensitivity and macular ischemia indices in diabetic retinopathy patients, with a favorable safety profile across both trials.
Bayer holds an established ophthalmology commercial infrastructure through Eylea, but has no approved agents in glaucoma — the leading cause of irreversible blindness globally — and no disease-modifying therapies across any retinal indication. PER-001 addresses both gaps simultaneously. The endothelin pathway has validated precedent in systemic vascular disease, with approved agents in pulmonary arterial hypertension, but PER-001 represents the first clinical application of endothelin antagonism in the human eye. The sustained-release intravitreal implant format also aligns with the direction of ocular drug delivery, reducing the injection burden associated with repeated intravitreal dosing.