Pharma BD Deal Intelligence

Tarsus Pharmaceuticals / Alkeus Pharmaceuticals, Inc.

2026 · Acquisition/Merger · $800M · Pending

Tarsus Pharmaceuticals announced on August 6, 2026 a definitive agreement to acquire privately held Alkeus Pharmaceuticals, adding the Phase 3 oral retinal-disease candidate gildeuretinol acetate (ALK-001) to its eye-care portfolio. Upfront consideration is approximately $450 million, comprising $270 million in cash and $180 million in Tarsus common stock, with up to $350 million in additional milestone payments tied to U.S. regulatory approval and first commercial sale of an Alkeus product, plus low-to-mid single-digit tiered royalties on gildeuretinol net sales. Alkeus will become a wholly owned subsidiary of Tarsus. Gildeuretinol is a deuterated vitamin A analogue designed to slow toxic vitamin A dimerization in the retina; there are no FDA-approved therapies for Stargardt disease.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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