German pharmaceutical and life sciences company Bayer AG (ETR:BAYN) (OTC:BAYRY) announced on Wednesday that it has agreed to fully acquire Perfuse Therapeutics Inc, strengthening its pharmaceutical pipeline and reinforcing its strategic focus on ophthalmology.

The transaction grants Bayer full rights to PER-001, a Phase II small molecule endothelin receptor antagonist targeting glaucoma and diabetic retinopathy.

PER-001 is being developed as a potential disease-modifying treatment, with the ability to improve visual field outcomes in glaucoma and enhance contrast sensitivity while reducing ischemia in diabetic retinopathy. Both conditions represent significant unmet medical needs, affecting up to 80 million and 146 million patients globally, respectively.

The total deal value may reach up to USD2.45bn, including an upfront payment of USD300m and additional milestone-based payments tied to development, regulatory, and commercial achievements. The transaction remains subject to shareholder approval and regulatory clearance.