Bayer acquires Perfuse Therapeutics, partners with Iambic to expand ophthalmology and AI capabilities

Bayer has completed its acquisition of Perfuse Therapeutics—in addition, the company has also entered a drug discovery collaboration with Iambic Therapeutics. The deals signal a dual-track expansion of Bayer's ophthalmology and pharmaceutical research portfolio.^1,2 With Perfuse Therapeutics fully integrated into Bayer, the company now holds full rights to PER-001 intravitreal implant, a first-in-class sustained-release small molecule endothelin receptor antagonist in phase II clinical development for glaucoma and diabetic retinopathy (DR).¹

The Perfuse acquisition builds on Bayer's established ophthalmology franchise and marks a strategic push toward IOP-independent disease modification in ischemia-driven ocular disease—a mechanism with no currently approved agents. Concurrently, the collaboration with Iambic Therapeutics positions Bayer to apply artificial intelligence to accelerate identification of novel small molecule candidates across its R&D portfolio.²

PER-001 targets endothelin, a potent vasoconstrictor implicated in retinal ischemia, using a dissolvable intravitreal implant administered once every 6 months via a 25-gauge injector.³ According to Bayer's announcement, the total deal value reaches up to $2.45 billion USD, comprising an upfront payment of $300 million USD and additional success-based milestone payments.¹ Phase 2a data previously reported at the 2025 Clinical Trials at the Summit meeting showed 37.5% of high-dose patients experienced a clinically meaningful improvement of ≥7 dB in predefined visual field regions compared with 0% in controls across 24 weeks in the glaucoma cohort, while the diabetic retinopathy cohort showed improvements in contrast sensitivity, visual acuity, and structural measures of macular ischemia.³ These data across 60 total patients—33 with glaucoma and 27 with DR—were used to support progression to phase 2b/3 development.³

Alongside the Perfuse acquisition, Bayer announced a collaboration with Iambic Therapeutics to leverage Iambic's AI-driven drug discovery platform for the identification of novel small molecule candidates against otherwise hard-to-drug targets.² According to the announcement, Iambic's platform includes its flagship AI technologies, Enchant and NeuralPLexer—multimodal tools designed for endpoint prediction to improve the speed, precision, and success rates of molecular optimization.² The partnership is intended to enhance Bayer's early-stage portfolio by identifying differentiated hit molecules and compressing optimization timelines.

According to Bayer, traditional drug discovery spans 10 to 15 years at an estimated cost of approximately $2.6 billion USD per approved drug, with more than 90% of candidates failing in clinical trials.² Iambic has previously applied its platform to advance a novel drug candidate to the clinic in approximately one-third of the industry-standard timeline, according to the company.² Under the agreement, Iambic will receive an upfront payment as well as milestone and royalty payments, though specific financial terms were not disclosed.²

Taken together, the 2 announcements reflect a strategy in which Bayer pairs late-preclinical and early-clinical ocular assets with upstream AI-enabled discovery capabilities. PER-001 represents one of the first sustained-release endothelin antagonist platforms to demonstrate functional and structural improvements across both glaucoma and DR in the same clinical program, distinguishing it from agents targeting VEGF or IOP reduction alone.^3,4

"This collaboration exemplifies our shared ambition to harness AI as a strategic driver of innovation in drug discovery and our focus on building high-impact collaborations that translate cutting-edge technology into patient value," said Juergen Eckhardt, MD, Head of Business Development and Licensing at Bayer Pharmaceuticals, in a statement released by Bayer.²

Bayer intends to advance PER-001 into pivotal phase 2b/3 trials, and the Iambic collaboration is designed to strengthen the company's broader pharmaceutical pipeline ahead of the next decade.^1,2

References:

1. Bayer AG. Bayer completes acquisition of Perfuse Therapeutics. Published June 17, 2026. Accessed June 22, 2026. https://www.bayer.com/media/en-us/bayer-completes-acquisition-of-perfuse-therapeutics/

2. Bayer AG. Bayer and Iambic collaborate to advance drug discovery with AI. Published June 22, 2026. Accessed June 22, 2026. https://www.bayer.com/media/en-us/bayer-and-iambic-collaborate-to-advance-drug-discovery-with-ai/

3. Crago SM. Perfuse Therapeutics shares findings from glaucoma and diabetic retinopathy trials of PER-001. Ophthalmology Times Europe. Published July 9, 2025. Accessed June 22, 2026. https://europe.ophthalmologytimes.com/view/perfuse-therapeutics-shares-phase-2-clinical-findings-from-glaucoma-and-diabetic-retinopathy-trials-of-per-001

4. Malave C, Malhotra A, et al. Polymeric technologies for retinal drug delivery. Retinal Physician. 2024;21(April). https://www.retinalphysician.com/issues/2024/april/polymeric-technologies-for-retinal-drug-delivery/