Tarsus Pharmaceuticals agreed to acquire Alkeus Pharmaceuticals in a transaction valued at up to $800 million, taking control of Alkeus’ once-daily oral Stargardt therapy ALK-001 (gildeuretinol). Tarsus said the asset has late-stage clinical evidence and a strategic fit as it builds a focused eye-care portfolio. The deal highlights continued M&A appetite for disease-modifying ophthalmology candidates, particularly in retinal indications where the standard of care remains limited. Tarsus positioned ALK-001 as a potential foundation treatment aimed at preserving vision for longer, including in younger onset populations. For Alkeus, the acquisition provides scale and resources to push a Phase 3-stage program; for Tarsus, it accelerates entry into a biologically and commercially defined market segment with regulatory momentum.