Bayer Buys US Drugmaker Perfuse for as Much as $2.45 Billion (1)

Bayer AG agreed to buy eye-medicines maker Perfuse Therapeutics Inc. as it looks to strengthen its pipeline amid rising generic competition for some of its blockbuster drugs.

The deal could be worth as much as $2.45 billion, with $300 million paid upfront and additional development, regulatory and commercial milestone payments tied to success criteria, Bayer said Wednesday in a statement.

Bayer will gain full rights to PER-001, a drug currently in mid-stage testing for eye conditions including glaucoma and diabetic retinopathy, which can lead to vision loss.

The acquisition comes as Bayer faces generic competition for its popular blood ...