Alkeus Pharmaceuticals Acquisition, Valuation, Funding & Investors

Alkeus Pharmaceuticals was acquired by Tarsus Pharmaceuticals for $800M in August 2026.

Alkeus Pharmaceuticals acquisition price

$800M

Acquired by Tarsus Pharmaceuticals · Aug 2026

Cumulative funding Alkeus Pharmaceuticals raised

$150M

across 1 funding round

Key investors in Alkeus Pharmaceuticals

  • Bain Capital
  • Wellington Management
  • Sofinnova Investments
  • TCG Crossover

Alkeus Pharmaceuticals Overview

About Alkeus Pharmaceuticals

Alkeus Pharmaceuticals is a Boston-based biopharmaceutical company developing therapies for inherited retinal diseases and other ophthalmic conditions. The firm advances gildeuretinol, an investigational oral retinoid for Stargardt disease and geographic atrophy. Alkeus focuses on rare genetic disorders affecting vision, with clinical trials evaluating safety and efficacy in patient populations.


Founded

2011

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$800M (acquired Aug 2026)

Alkeus Pharmaceuticals Acquisition

Alkeus Pharmaceuticals was acquired by Tarsus Pharmaceuticals for $800M on 6 August 2026.

Before the acquisition Alkeus Pharmaceuticals had raised $150M across 1 funding round.

Tarsus Pharmaceuticals agreed to acquire Alkeus Pharmaceuticals in August 2026 in a cash-and-stock transaction valued at approximately USD 800 million, consisting of USD 270 million in cash and USD 180 million in Tarsus common stock for an upfront payment of about USD 450 million, plus up to USD 350 million in milestone payments tied to regulatory approval and first commercial sale, along with low-single-digit tiered royalties on gildeuretinol net sales. The stock portion was priced at USD 61.38 per share, and the transaction was approved by both boards and expected to close in 2026 subject to customary conditions. The deal gives Tarsus access to Alkeus’s lead asset, gildeuretinol (ALK-001), a once-daily oral therapy in Phase 3 development for Stargardt disease, strengthening Tarsus’s eye-care pipeline and broadening its rare retinal disease franchise. The strategic rationale is to add a late-stage candidate for an inherited retinal disorder with no approved U.S. treatment and to extend Tarsus’s leadership in eye care beyond its existing commercial base. The announcement came alongside strong operating momentum at Tarsus, including second-quarter 2026 XDEMVY net product sales of USD 173.9 million and increased full-year 2026 sales guidance of USD 685 million to USD 705 million. Tarsus also priced a USD 125 million PIPE financing around the same time, with participation from existing Alkeus investors. Alkeus is a privately held retinal disease biotechnology company focused on gildeuretinol, an investigational oral therapy designed to reduce toxic vitamin A dimer formation in the retina and target the underlying biology of Stargardt disease. The transaction structure includes upfront cash and stock consideration, milestone payments, and royalty sharing, with the stock component issued at closing and the agreement subject to standard closing conditions.

Alkeus Pharmaceuticals acquisition details
AcquirerDateTypePrice
6 Aug 2026Strategic M&A$800M

Alkeus Pharmaceuticals Funding History

Alkeus Pharmaceuticals has raised a total of $150M across 1 funding round.

Alkeus Pharmaceuticals funding rounds

Alkeus Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2023Series BBain Capital (lead); TCG Crossover; Wellington Management; Sofinnova Investments$150MAlkeus Pharmaceuticals is a biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on developing therapies for serious diseases of the eye with high unmet medical need. Co-founded by Leonide Saad, Ph.D. and Ilyas Washington, Ph.D., the company's lead candidate is gildeuretinol (ALK-001), a potential disease-modifying precision medicine for treating Stargardt disease, a leading genetic cause of blindness in children and young adults. The company is also evaluating gildeuretinol for geographic atrophy secondary to dry age-related macular degeneration (AMD). On June 5, 2023, Alkeus announced a $150 million Series B financing round led by Bain Capital Life Sciences, with additional participation from TCGX (TCG Crossover), Wellington Management, and Sofinnova Investments. The financing was designed to support the registration pathway and launch of gildeuretinol, allowing the company to expand its team and advance the candidate toward NDA submission and FDA approval. Joshua Boger, Ph.D., founder of Vertex Pharmaceuticals and a biotech industry pioneer, joined Alkeus as Executive Chairman in conjunction with the round. Gildeuretinol has received Breakthrough Therapy Designation and Orphan Drug Designation from the U.S. FDA. Phase 2 clinical data demonstrated statistically and clinically meaningful slowing of retinal damage in Stargardt patients. The company planned to submit an NDA for approval of gildeuretinol in 2024.

Who has invested in Alkeus Pharmaceuticals?

4 investors have backed Alkeus Pharmaceuticals across its funding rounds, including Bain Capital, Wellington Management, Sofinnova Investments and TCG Crossover.

Lead investors include Bain Capital.


Alkeus Pharmaceuticals Investors

Investors in Alkeus Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
TCG CrossoverUnited StatesSan Francisco, CA1ParticipantJun 2023
Wellington ManagementUnited StatesBoston, MA1ParticipantJun 2023

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Alkeus Pharmaceuticals Competitors

Alkeus Pharmaceuticals competitors include listed companies like Design Therapeutics, China TCM, Aclaris Therapeutics and Guizhou Sanli, and private ones like Crystalys Therapeutics and Umoja Biopharma.

Public and private companies comparable to Alkeus Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Crystalys TherapeuticsUnited StatesSan Diego, CAPrivate--$800M-
Umoja BiopharmaUnited StatesSeattle, WAPrivate--$800M-
Design TherapeuticsUnited StatesUnited StatesPublicly listed-($79M)$802M-
China TCMChinaChinaPublicly listed$2.2B$128M$805M0.4x
Aclaris TherapeuticsUnited StatesUnited StatesPublicly listed$8M($72M)$795M108.5x
Guizhou SanliChinaChinaPublicly listed$254M$22M$794M-

Alkeus Pharmaceuticals Public Comps

Alkeus Pharmaceuticals is no longer listed, but its public comps include Design Therapeutics, China TCM, Aclaris Therapeutics, Guizhou Sanli, HK inno.N, Climb Bio, Annexon, 4D Molecular Therapeutics, Achieve Life Sciences and BlossomHill Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Design Therapeutics-($79M)--(7.6x)-
China TCM$2.2B$128M0.3x0.4x5.5x6.9x
Aclaris Therapeutics$8M($72M)89.9x108.5x(9.8x)-
Guizhou Sanli$254M$22M3.4x-38.4x-
HK inno.N$774M$109M1.4x1.3x9.6x8.5x
Climb Bio-($68M)--(9.2x)(9.0x)
Annexon-($214M)--(2.8x)(2.7x)
4D Molecular Therapeutics$85M($152M)5.7x14.6x(3.2x)(1.9x)

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Common questions about Alkeus Pharmaceuticals

When was Alkeus Pharmaceuticals founded?Alkeus Pharmaceuticals was founded in 2011.
Where is Alkeus Pharmaceuticals headquartered?Alkeus Pharmaceuticals is headquartered in United States.
Is Alkeus Pharmaceuticals publicly listed?No, Alkeus Pharmaceuticals was acquired by Tarsus Pharmaceuticals in August 2026.
Who acquired Alkeus Pharmaceuticals?Alkeus Pharmaceuticals was acquired by Tarsus Pharmaceuticals in August 2026.
How much was Alkeus Pharmaceuticals acquired for?Alkeus Pharmaceuticals was acquired for $800M in August 2026.
How much funding has Alkeus Pharmaceuticals raised?Alkeus Pharmaceuticals has raised $150M across 1 funding round.
What was Alkeus Pharmaceuticals' last funding round?Alkeus Pharmaceuticals' last funding round was a $150M Series B in June 2023, led by Bain Capital.
Who are Alkeus Pharmaceuticals' investors?Alkeus Pharmaceuticals' investors include TCG Crossover, Wellington Management, Sofinnova Investments and Bain Capital.
Which companies are comparable to Alkeus Pharmaceuticals?Companies comparable to Alkeus Pharmaceuticals include Crystalys Therapeutics, Umoja Biopharma, Design Therapeutics, China TCM, Aclaris Therapeutics and Guizhou Sanli.

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