Tarsus to expand eye disease pipeline with up to $800 million Alkeus acquisition

Tarsus Pharmaceuticals

06/08/2026 12:41

Aug 6 (Reuters) - Eye drug maker Tarsus Pharmaceuticals TARS.O said on Thursday it would acquire privately held Alkeus Pharmaceuticals in a cash-and-stock deal worth up to $800 million, adding an experimental oral therapy for a rare inherited retinal disorder with no approved U.S. treatment.
Tarsus shares were down 3% in premarket trading.
The deal includes an upfront payment of about $450 million, comprising $270 million in cash and $180 million in Tarsus common stock, the companies said.
Alkeus stockholders could receive up to $350 million more tied to regulatory approval and first commercial sale milestones, as well as low-single-digit percentage royalties on net sales of the drug, gildeuretinol.
Gildeuretinol, also known as ALK-001, could slow retinal damage and help preserve vision in patients with Stargardt disease, said Tarsus.
Stargardt disease often begins in childhood or adolescence and progressively damages central vision, affecting patients' ability to read, recognize faces and drive.
More than 36,000 people in the United States have been clinically diagnosed with the disease, Tarsus said.
Gildeuretinol is designed to target the accumulation of toxic vitamin A dimers that damage retinal cells in patients with the disease, said Tarsus.
Tarsus' portfolio includes Xdemvy, which is approved to treat demodex blepharitis, an eyelid inflammation from an overgrowth of microscopic mites. 
It is also developing a drug for a type of eye inflammation and an ocular antiseptic, among others.
Initial data from Gildeuretinol's ongoing late-stage trial is expected in the second half of 2029.
The transaction is expected to close in 2026, subject to regulatory clearance and customary conditions.

(Reporting by Puyaan Singh in Bengaluru; Editing by Jonathan Ananda)
((Puyaan.Singh@thomsonreuters.com;))