Bayer said on Wednesday that it will buy biopharmaceutical company Perfuse Therapeutics to complement its ophthalmology pipeline.
The deal has a potential value of up to $2.45 billion, the company said in a statement, with a $300 million upfront payment and additional development, regulatory and commercial milestone payments based on success criteria.
The deal will give Bayer full rights to PER-001, a small molecule endothelin receptor antagonist (ERA) in phase II clinical development, for the treatment of glaucoma and diabetic retinopathy.
The acquisition will become effective after receiving the necessary antitrust clearances and Perfuse stockholder approvals, Bayer said.
Source: Reuters.com