Irvine, California-based Tarsus Pharmaceuticals (Nasdaq: TARS) announced an oversubscribed USD 125 million private investment in public equity (PIPE) financing, timed to support its pending acquisition of Alkeus Pharmaceuticals and fund ongoing clinical development and commercial activities for its eye care portfolio.
The PIPE comprises 2,098,519 shares of common stock priced at USD 56.00 per share and pre-funded warrants to purchase 133,625 additional shares at USD 55.9999 per warrant, with a nominal exercise price of USD 0.0001. Existing Alkeus investors — including TCGX, Bain Capital Life Sciences, and Wellington Management — participated alongside new and existing Tarsus investors ADAR1 Capital Management, Sirenia Capital Management LP, RTW Investments, and Vestal Point Capital, among others. Tarsus said it intends to use net proceeds for clinical development, commercial activities, and general corporate purposes.
The financing is directly linked to Tarsus's concurrent agreement to acquire Alkeus, announced the same day, for up to USD 800 million (USD 450 million upfront, comprising USD 270 million in cash and USD 180 million in Tarsus stock, plus up to USD 350 million in contingent milestones). Alkeus's lead asset, gildeuretinol acetate (ALK-001), is a once-daily oral small molecule in Phase III development for Stargardt disease, a rare inherited retinal disorder affecting more than 36,000 patients in the US with no currently approved treatment. Tarsus said it expects topline Phase III data to represent the primary near-term value milestone for the combined pipeline.