Tarsus Pharmaceuticals Inc

The Federal Trade Commission has granted early termination for Tarsus Pharmaceuticals' acquisition of privately held Alkeus Pharmaceuticals. The deal terms call for Tarsus to pay $450 million upfront, consisting of $270 million in cash and $180 million in common stock, with up to $350 million in additional milestone payments. Alkeus' lead asset is gildeuretinol (ALK-001), an oral therapy for the rare inherited retinal disorder Stargardt disease.

Tarsus Pharmaceuticals has closed its acquisition of iRenix Medical, adding the late-stage investigational ocular surface antiseptic IRX-101 to its pipeline and establishing its first strategic position in the retina market. The upfront cost was approximately $75 million, split evenly between cash and Tarsus common stock, with up to $490 million in potential approval and commercial milestones plus tiered royalties. IRX-101 is designed to replace povidone-iodine for patients receiving repeated intravitreal injections, aiming to reduce pain, irritation, and ocular surface damage, and in a Phase IIb/III trial it showed statistically significant improvements in post-procedural pain and corneal staining. Tarsus plans to begin a pivotal Phase III COMFORT study in the first half of 2027, with top-line data expected in 2028, and estimates the cost to approval at $20 million to $30 million. The company sees a focused commercial opportunity among roughly 3,500 retinal specialists, with an initial target market of patients highly sensitive to Betadine that could represent a $200 million to $300 million opportunity.