Tarsus to acquire eye-drug startup Alkeus in up to $800 million deal

Tarsus Pharmaceuticals announced Thursday that it will buy Alkeus Pharmaceuticals for up to $800 million, consisting of $270 million in cash and $180 million in stock.

The agreement also provides Alkeus shareholders the chance to receive up to $350 million in additional payouts if the company's Stargardt disease candidate, gildeuretinol, secures regulatory approval and generates its first sales, with potential royalty participation.

Alkeus, founded and largely run by Leonide Saad, has been developing the therapy licensed from Columbia University for more than a decade and recently moved the drug into late-stage testing.