Bayer to acquire Perfuse Therapeutics, a biotech developing ocular disease treatments in RTP

Bayer AG and Perfuse Therapeutics Inc. have announced an agreement under which Bayer will fully acquire Perfuse Therapeutics, whose R&D facility is based in Research Triangle Park.

Perfuse Therapeutics is developing treatments for ischemia-induced ocular diseases. With the acquisition, Bayer will hold the full rights to PER-001, a small molecule endothelin receptor antagonist currently in Phase II clinical development for the treatment of glaucoma and diabetic retinopathy.

Bayer will pay $300 million up front, with additional payments possible if the treatment meets certain development, regulatory and commercial goals, bringing the deal’s potential value to up to $2.45 billion.

Potential therapies for retinal disease

“This acquisition represents the true differentiation in Perfuse’s technology and strong accomplishments of our team who have worked tirelessly to bring us to this point,” said Sevgi Gurkan, MD, founder and CEO of Perfuse Therapeutics. “Now, with Bayer, we will have the scale and global resources to potentially unlock the full potential of PER-001 to change the trajectory of human blindness.”

PER-001 is being studied for its potential to improve the visual field for patients with glaucoma. This progressive optic neuropathy can cause irreversible vision loss and is projected to affect around 112 million people by 2040. 

The small molecule treatment is also being evaluated for its potential to improve contrast sensitivity and reduce ischemia in diabetic retinopathy. This diabetes-related eye disease damages the blood vessels in the retina and is one of the leading causes of blindness in adults. 

“We are excited by the work of the team at Perfuse Therapeutics and encouraged by the potential of PER-001,” said Juergen Eckhardt, M.D., head of business development and licensing at Bayer Pharmaceuticals. “With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients.”

North Carolina ties

Perfuse Therapeutics is headquartered in San Francisco with R&D facilities at the Alexandria Center for Advanced Technologies in RTP.  The company also received early backing from Durham-based Hatteras Venture Partners.

According to Gurkan, the bulk of the company’s innovation begins in their wet lab in RTP, where the R&D team performs early preclinical screening and formulation development as well as bioanalytical and analytical testing and development. 

Gurkan says that one reason the company located its R&D facilities in RTP was the growing and unique ecosystem that enables biotechs to thrive, especially in the earlier stages. 

“Our RTP location helped ensure we were surrounded by world-class academic centers of excellence that helped us attract key talent and best-in-class commercialization and manufacturing facilities we could easily tap as our research began to turn into reality,” said Gurkan. “Additionally, the strong concentration of like-minded companies and colleagues helped naturally enable best practice sharing and create a true hub collectively dedicated to scientific advancement.”  

The acquisition is subject to and will become effective after receiving the necessary antitrust clearances and Perfuse stockholder approvals.