Tarsus Pharmaceuticals (Nasdaq:
TARS) has entered a definitive agreement to acquire Alkeus Pharmaceuticals for approximately $450 million upfront, with the deal valued at up to $800 million including potential milestones and royalties.
The upfront consideration consists of about $270 million in cash and $180 million in Tarsus common stock.
The acquisition centers on gildeuretinol (ALK-001), an investigational once-daily oral Phase 3 candidate for Stargardt disease, with no FDA-approved therapy currently available.
Alkeus may receive up to $350 million in regulatory and first-commercial-sale milestones plus low single-digit tiered descending royalties on net sales of gildeuretinol.
Initial topline data from the ongoing Phase 3 NORTHSTAR trial is expected in the second half of 2029.
The transaction has been approved by both companies’ boards and Alkeus stockholders and is expected to close in 2026, subject to customary closing conditions including HSR antitrust review.
Sources:
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