Bayer AG (BYR.L,BAYRY.PK,BAYZF.PK,BAY.MI,BAYN.DE), a German healthcare and agriculture conglomerate, on Wednesday, announced that it has agreed to acquire Perfuse Therapeutics Inc. for up to $2.45 billion to expand its ophthalmology pipeline.
The transaction includes an upfront payment of $300 million, along with additional development, regulatory, and commercial milestone payments.
The acquisition will give Bayer full rights to PER-001, a Phase II small molecule endothelin receptor antagonist being developed for the treatment of glaucoma and diabetic retinopathy.
The deal is subject to regulatory approvals and approval from Perfuse's stockholders.
PER-001 is an investigational endothelin receptor antagonist delivered via a bio-erodible intravitreal implant for sustained treatment of ophthalmic diseases such as glaucoma and diabetic retinopathy.
On Tuesday, Bayer closed trading 1.34% lesser at $37.90 on the XETRA.
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