Tarsus Pharmaceuticals has agreed to acquire Alkeus Pharmaceuticals for approximately $450 million upfront, consisting of $270 million in cash and $180 million in Tarsus stock. The deal includes potential milestone payments of up to $350 million upon regulatory approval and first commercial sale, plus low single-digit royalties. The acquisition adds gildeuretinol (ALK-001), a Phase 3 oral investigational medicine for Stargardt disease, an inherited retinal condition affecting over 36,000 people in the US with no FDA-approved treatments. More than 400 individuals have been treated with the drug to date, showing encouraging clinical findings. Top-line Phase 3 NORTHSTAR data are expected in the second half of 2029. The transaction has been approved by both companies' boards and Alkeus stockholders. It is expected to close in 2026, subject to regulatory clearances and customary conditions.

Tarsus Pharmaceuticals, Inc. (Nasdaq: TARS) has announced a major strategic acquisition, taking over privately held iRenix Medical, Inc., a clinical-stage ophthalmic biopharmaceutical company. This transaction marks a significant step in Tarsus’ ambition to expand its leadership in the eye care market and could have material implications for the company’s future growth, pipeline development, and share price.

Tarsus Pharmaceuticals reported strong first-quarter results, with XDEMVY generating $145.4 million in net product sales despite seasonal headwinds including deductible resets and severe winter weather in the Northeast. The company reaffirmed its 2026 net product sales guidance of $670–$700 million and long-term peak sales potential of $2 billion. The company initiated a Phase II trial of TP-05 for Lyme disease prevention with approximately 700 participants and began a Phase II study of TP-04 for ocular rosacea, with topline data expected in the first half of 2027 for both programmes. Tarsus recognised $16.7 million in collaboration revenue, including a $15 million regulatory milestone from Grand Pharma's TP-03 approval in Greater China.