Tarsus agreed to acquire Alkeus Pharmaceuticals for up to $800 million, gaining ownership of ALK-001 (gildeuretinol), a once-daily oral therapy in Phase 3 for Stargardt disease. The deal expands Tarsus’ eye-care portfolio at a point where no FDA-approved treatment options exist for the retinal condition, positioning ALK-001 as a potential disease-modifying candidate. The transaction follows earlier deal framing by Tarsus around investments in late-stage assets with clinical evidence and strategic fit. For investors and the broader retina pipeline, the acquisition signals continued M&A activity around ophthalmic development where time-to-market can be shorter once late-stage evidence accumulates.