Tarsus to acquire Alkeus for $450 million, adding phase-3 retinal drug and oral Stargardt candidate

Tarsus Pharmaceuticals announced it will buy Alkeus Pharmaceuticals in a transaction valued at $450 million.

The deal consists of $270 million in cash and $180 million of Tarsus common stock, giving Tarsus control of Alkeus's late-stage retinal disease therapy and its oral compound gildeuretinol, which is being studied for Stargardt disease.

The gildeuretinol study is slated for a readout in 2029, and the agreement includes potential milestone payments of up to $350 million if the drug reaches the market.

The acquisition follows Tarsus's recent $75 million purchase of iRenix Medical, expanding its ophthalmology portfolio that already includes the prescription eye drop Xdemvy for mite‑induced eyelid disease.

CEO Bobby Azamian said the company believes gildeuretinol could become a transformational medicine for Stargardt disease and complements its existing retina programs.