Tarsus to acquire Alkeus for $450M upfront; adds Phase 3 Stargardt drug gildeuretinol

Tarsus Pharmaceuticals, Inc.

Upfront consideration: $270M cash + $180M in Tarsus stock ($61.38/share); total ~$450M.
Milestones up to $350M (regulatory approval + first commercial sale) plus low-single-digit royalties.
Gildeuretinol (ALK-001) is a once-daily oral for Stargardt disease; no FDA-approved therapy exists.
Phase 3 NORTHSTAR trial enrolling ~230 patients; topline data expected H2 2029.
Deal approved by both boards; expected to close in 2026, subject to HSR clearance.

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