Bayer announced it has completed the acquisition of Perfuse Therapeutics, a biopharmaceutical company focused on developing treatments for ischemia-induced ocular diseases.
Through the acquisition, Perfuse Therapeutics will be fully integrated into Bayer. And Bayer now holds the full rights to PER-001, an intravitreal implant currently in Phase II clinical development for the treatment of glaucoma and diabetic retinopathy.
PER-001 is a first-in-class sustained-release small molecule endothelin receptor antagonist. Bayer said the acquisition strengthens its pharmaceutical pipeline and fits strategically with the company’s existing footprint and expertise in ophthalmology.
Perfuse Therapeutics is advancing PER-001 through its proprietary sustained-release drug delivery platform. The company has been focused on developing disease-modifying therapies for major causes of blindness and has operations in South San Francisco, California, along with R&D facilities in Durham, North Carolina.
Under the terms of the deal, Bayer paid an upfront payment of $300 million. The transaction has a total potential value of up to $2.45 billion, including the upfront payment and additional success-based milestone payments.
Support: BofA Securities served as exclusive financial adviser to Bayer, and Baker McKenzie served as legal counsel. Centerview Partners served as exclusive financial adviser to Perfuse, and Goodwin Procter served as legal counsel.
