German pharmaceutical and life sciences company Bayer AG (ETR:BAYN) (OTC:BAYRY) confirmed on Wednesday that it has completed the acquisition of Perfuse Therapeutics Inc.

Through this acquisition Bayer now holds full rights to PER-001, an intravitreal implant in Phase II development for glaucoma and diabetic retinopathy.

The transaction strengthens Bayer's pharmaceutical pipeline and aligns with its established expertise in ophthalmology.

Under the terms of the agreement, Bayer paid an upfront USD300m. The deal has a total potential value of up to USD2.45bn, including milestone-based payments.

Perfuse Therapeutics is a biopharmaceutical company focused on ischemia-induced ocular diseases and is developing sustained-release therapies for major causes of blindness. Headquartered in South San Francisco with R&D operations in Durham, the company has now been fully integrated into Bayer following completion of the transaction.