The acquisition of privately held biotechnology firm Alkeus Pharmaceuticals is valued at up to $800 million. Tarsus will pay $450 million upfront, comprising $270 million in cash and $180 million in Tarsus stock. The acquisition centers on gildeuretinol acetate, formerly known as ALK-001, Alkeus's investigational once-daily oral therapy currently in Phase III (NCT07419334) development for Stargardt disease. Tarsus is advancing multiple clinical programs that position the company across different segments of eye care. Meanwhile, TP-05 (NCT05387083), an oral lotilaner tablet for Lyme disease prevention, represents an expansion beyond ophthalmology into infectious disease prevention.