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Bayer (BAYN.F) struck an agreement to purchase US-based biopharmaceutical company Perfuse Therapeutics, which specializes in treatments for eye diseases, in a deal worth up to $2.45 billion.
Under the terms of the proposed deal, the German life science group will pay $300 million upfront and further milestone-based payments to Perfuse Therapeutics, according to a Wednesday release.
Bayer will gain full rights to PER-001, an investigational small molecule endothelin receptor antagonist to treat ophthalmic diseases. The drug is currently under mid-stage clinical development as a potential therapy for glaucoma and diabetic retinopathy.
"With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients," said Juergen Eckhardt, head of business development and licensing at Bayer's pharmaceuticals division, highlighting the investigational drug's potential.
Perfuse Therapeutics Chief Executive Officer and Founder, Sevgi Gurkan, echoed Eckhardt's sentiment, noting that the company's vision is closely in line with that of Bayer. "[They] have the scale and global resources to unlock the full potential of PER-001 to change the trajectory of human blindness."
The acquisition is expected to take effect once the necessary regulatory and Perfuse stockholder approvals are achieved.
As of midday Wednesday, Bayer's shares were trading more than 2% higher on Germany's Xetra.