Tarsus pays $450M for Alkeus and its phase 3-stage retinal disease drug

Biotech Tarsus pays $450M for Alkeus and its phase 3-stage retinal disease drug By Marissa Russo Aug 6, 2026 10:30am Tarsus Pharmaceuticals Alkeus mergers and acquisitions eye disease Tarsus Pharmaceuticals is fronting $450 million to acquire Alkeus Pharmaceuticals for its phase 3-stage retinal disease therapy that's being touted as a potential blockbuster. In return for $270 million in cash and $180 million in Tarsus common stock, Tarsus will secure both Alkeus and gildeuretinol, a once-daily oral formulation that is currently in a late-stage study for Stargardt disease. That study is set to read out in 2029, and if gildeuretinol makes it to market then Tarsus' current shareholders could end up receiving an additional $350 million in milestone payments California-based Tarsus currently markets the prescription eye drop Xdemvy to treat mite-induced eyelid disease.

The company added to its ophthalmology portfolio last month when it acquired iRenix Medical in a $75 million buyout that included a phase 2 eye antiseptic. Tarsus sees gildeuretinol as complementing its developing strategy with the iRenix buyout, Tarsus CEO Bobby Azamian, M.D., Ph.D., said in an August 6 release. “We believe gildeuretinol has the potential to be a transformational medicine for Stargardt disease and complements the retina capabilities we are already building through IRX-101,” the CEO said.

“From the beginning, our strategy has been to build a leading eye care company by identifying significant diseases where patients have been starving for innovation and bringing forward medicines with the potential to change the standard of care.” Stargardt disease is an inherited retinal disease that causes progressive and irreversible loss of vision. It affects over 36,000 people in the U.S. and is characterized by the buildup of toxic vitamin A that causes damage to retinal cells in the eye.

Currently, no FDA-approved therapies exist, although Belite Bio has started a regulatory push after a phase 3 win for tinlarebant last year. Gildeuretinol is designed to reduce vitamin A buildup while preserving the eye’s ability to see light, potentially slowing blindness. Despite a phase 3 flop in patients with geographic atrophy lesion growth, recent Stargardt phase 2 trial results showed promise for the asset.

Tarsus announced the acquisition alongside an oversubscribed $125 million private investment in public equity (PIPE) financing backed by Alkeus investors Bain Capital Life Sciences and TCGX, along with existing Tarsus investors ADAR1 Capital Management and Sirenia Capital Management. Tarsus Pharmaceuticals Alkeus mergers and acquisitions eye disease Biotech