AcquisitionsAug 6, 2026, 07:12 AM
Tarsus to Acquire Alkeus for $450M Upfront, up to $350M Milestones
AI Summary
Tarsus Pharmaceuticals, Inc. announced a definitive agreement to acquire Alkeus Pharmaceuticals, Inc., a privately held retinal disease-focused biotechnology company. The acquisition includes an upfront consideration of $450 million, consisting of $270 million in cash and $180 million in Tarsus common stock, plus potential milestone payments up to $350 million and tiered royalties. This strategic move aims to expand Tarsus' presence in retina with Alkeus' lead asset, gildeuretinol (ALK-001), a Phase 3 investigational oral therapy for Stargardt disease, which has no FDA-approved treatments.
Key Highlights
- Tarsus Pharmaceuticals to acquire Alkeus Pharmaceuticals, a retinal disease-focused biotechnology company.
- Upfront consideration totals $450 million, comprising $270 million in cash and $180 million in Tarsus common stock.
- Tarsus common stock for the upfront consideration is valued at $61.38 per share.
- Potential milestone payments up to $350 million upon regulatory approval and first commercial sale.
- Tiered revenue sharing payments in the low-to-mid single digits as a percentage of annual worldwide gildeuretinol net sales.
- Alkeus' lead asset, gildeuretinol (ALK-001), is a Phase 3 investigational oral therapy for Stargardt disease.
- ALK-001 has received Breakthrough Therapy, Orphan Drug, and Rare Pediatric Disease designations.
- Acquisition is expected to close in 2026, subject to customary closing conditions including HSR Act expiration.
Price Impact
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