Bayer Bets $2.45 Billion on Perfuse Eye Drug as Eylea Pressure Builds
Bayer AG agreed to buy San Francisco-based Perfuse Therapeutics Inc. for as much as $2.45 billion, handing the German group a new eye-drug candidate as pressure builds on some of its older blockbusters. The deal includes $300 million upfront, with the rest tied to development, regulatory and commercial milestones. The timing matters. Eylea, Bayer’s top-selling pharmaceutical product, brought in €3.11 billion in 2025, down 5.9%, and Bayer said the drug was hit by lower prices and competition from generics.