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

Tarsus Pharmaceuticals

06/08/2026 14:55

Adds executive comments in bullets 6 and 7, quarterly sales details in  bullet 10
By Puyaan Singh
Aug 6 (Reuters) - Eye drugmaker 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 to its pipeline.
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.
Tarsus shares were up 2% in early trading. 
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.
"We did some market research... showing structural benefit, functional benefit... a really nice safety profile. And we surveyed about 100 retinal docs... we really think this is a billion-dollar-plus opportunity," said Chief Financial and Strategy Officer Jeff Farrow.
"The price range we would consider... (is) around that $350,000 price point," said interim commercial chief Neera Clase.
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.
Separately, the company reported $173.9 million in second-quarter sales, beating Wall Street estimates of $169.7 million, according to data compiled by LSEG.

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