Tarsus files 8-K confirming closed terms of Alkeus acquisition and Stargardt drug rights

Tarsus Pharmaceuticals filed an 8-K on September 10, 2026 confirming details of its acquisition of Alkeus Pharmaceuticals, which had closed on September 4, 2026. The deal was completed under a Merger Agreement dated July 31, 2026, involving Tarsus, Alkeus, a merger subsidiary called Apex 2026 Merger Sub, Inc., and Shareholder Representative Services LLC acting for Alkeus securityholders.¹

Through the merger, Tarsus obtained rights to ALK-001, described as a new, investigational, late-stage molecular entity designed to reduce the accumulation of toxic dimers while preserving the normal visual cycle.¹ The drug, gildeuretinol acetate, is an investigational small molecule with a once-daily oral formulation targeting toxic vitamin A dimerization in the retina and has demonstrated a promising tolerability and efficacy profile across more than 400 individuals studied.¹

Gildeuretinol has received Breakthrough Therapy, Orphan Drug, Fast Track and Rare Pediatric Disease designations from the FDA for Stargardt disease and is currently being evaluated in the global NORTHSTAR Phase 3 trial, with topline data anticipated in 2029.¹ The condition is described as a rare disease with no approved therapy, and the company's estimate puts the U.S. patient population at as many as 86,000 people in the United States, more than 36,000 of whom have been clinically diagnosed.¹

On financial terms, the 8-K states that Tarsus paid up-front cash consideration of an aggregate of $270,000,000, subject to customary adjustments and a post-closing purchase price adjustment, and issued an aggregate of 2,908,692 shares of common stock to Alkeus equityholders.¹ Beyond this upfront payment, the company agreed to pay milestone payments up to an aggregate of $350,000,000, with $250,000,000 tied to U.S. regulatory approval of an Alkeus product and $100,000,000 tied to the first U.S. commercial sale, along with tiered revenue sharing in the low-to-mid single digits on future worldwide gildeuretinol net sales.¹

The filing also notes that both the financial statements and pro forma financial information required under Item 9.01 will be filed by amendment no later than 71 calendar days after this 8-K was required to be filed.¹