Tarsus Pharmaceuticals agreed to acquire Alkeus Pharmaceuticals for up to $800 million, securing ownership of Alkeus’s once-daily oral candidate ALK-001 (gildeuretinol) for Stargardt disease. The deal gives Tarsus a late-stage retinal therapy that it says has disease-modifying potential, at a time when Stargardt remains without FDA-approved treatment options. The transaction includes a $450 million headline figure reported across coverage, reflecting a major strategic bet on eye care and value creation from a program already in Phase 3. Tarsus said it intends to use the acquired asset to build a broader ophthalmology portfolio. For the sector, the agreement highlights how mid-to-late clinical-stage, mechanism-specific rare-eye assets are continuing to command large price tags, particularly where regulatory pathways and differentiation from supportive care are clear.