This record is sourced from Tarsus's own press release, furnished as an exhibit to an 8-K filed with the SEC on August 6, 2026. The release states the transaction has been approved by the boards of directors of both companies and by Alkeus's stockholders, and that closing is not contingent on any financing condition.
Barclays is acting as exclusive financial advisor to Tarsus on the acquirer side. Jefferies is acting as exclusive financial advisor to Alkeus on the target side.
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP is acting as legal counsel to Tarsus. Latham & Watkins LLP is acting as legal counsel to Alkeus.
The upfront consideration is approximately $450 million, consisting of $270 million in cash and $180 million in Tarsus common stock priced at $61.38 per share at closing, roughly a 60/40 cash-to-stock split. Alkeus stockholders are also eligible for up to $350 million in milestone payments tied to regulatory approval and first commercial sale, plus low single digit tiered descending royalties on gildeuretinol net sales. The transaction is expected to close in 2026, subject to expiration or termination of the Hart-Scott-Rodino waiting period and other customary closing conditions.
Not disclosed in this filing: the specific HSR filing or antitrust review timeline beyond the standard waiting period reference, any termination fee, Alkeus's historical financials, and the precise royalty percentage range (described only as "low single digit").