Tarsus Acquires iRenix Medical for $75M Upfront, up to $490M Milestones

Tarsus Pharmaceuticals, Inc. announced the acquisition of iRenix Medical, Inc., a clinical-stage ophthalmic biopharmaceutical company. The acquisition brings IRX-101, an investigational ocular antiseptic designed to reduce post-procedural pain and corneal toxicity in patients receiving intravitreal therapy. The deal includes an upfront consideration of approximately $75 million, comprising $37.5 million in cash and $37.5 million in Tarsus common stock, plus potential milestone payments of up to $490 million. Positive Phase 2b/3 data for IRX-101 demonstrated significant reductions in pain and corneal damage compared to povidone-iodine, with a Phase 3 study expected to begin in the first half of 2027.