On July 31, 2026, Tarsus Pharmaceuticals entered into a definitive merger agreement to acquire Alkeus Pharmaceuticals for approximately $450 million in upfront consideration, consisting of $270 million in cash and $180 million in common stock valued at $61.38 per share. The transaction includes up to $350 million in potential milestone payments upon regulatory approval and first commercial sale of Alkeus's lead asset, gildeuretinol (ALK-001), along with low-to-mid single-digit tiered royalties on net sales. Tarsus will issue shares subject to registration rights and lock-up agreements for Alkeus stockholders. The acquisition is expected to close in 2026, pending Hart-Scott-Rodino antitrust clearance and other customary conditions. Tarsus Pharmaceuticals operates in the biopharmaceutical industry, developing treatments for eye care, dermatology, and infectious disease prevention.
