New deals involving Tarsus, Oculis and Harrow highlight growing investment across retina, neuro-ophthalmology and dry-eye care.
Three strategic transactions are highlighting the pace of change across the ophthalmic pharmaceutical industry. Tarsus Pharmaceuticals has agreed to acquire Alkeus Pharmaceuticals, Oculis has entered an asset purchase agreement with Accure Therapeutics, and Harrow has agreed to acquire the global rights to TYRVAYA from Viatris. The deals span three distinct areas of eye care, retina, neuro-ophthalmology and ocular-surface disease, but together they point in one clear direction. Pharmaceutical companies are strengthening their pipelines, securing greater control over differentiated assets and investing in treatments that address significant unmet patient needs.
Tarsus expands its retina pipeline through Alkeus acquisition
Tarsus Pharmaceuticals has agreed to acquire Alkeus Pharmaceuticals in a transaction that could be worth up to approximately $800 million. The proposed terms comprise around $450 million upfront and up to $350 million in potential milestone payments. At the centre of the acquisition is gildeuretinol, also known as ALK-001, a once-daily oral investigational therapy in Phase 3 development for Stargardt disease. Stargardt disease is an inherited retinal condition that can progressively affect central vision. There is currently no FDA-approved treatment specifically for the disease, leaving a significant unmet need for patients and eye-care professionals. By adding gildeuretinol to its portfolio, Tarsus is moving further into retina and gaining a late-stage candidate targeting a specialist area of ophthalmic care. The transaction also demonstrates the strategic value of advanced clinical assets that could open new markets and broaden a company’s long-term growth platform. Results from the Phase 3 NORTHSTAR study are expected in the second half of 2029. Until then, successful integration and continued clinical execution will be central to realising the acquisition’s potential value.
Oculis strengthens its neuro-ophthalmology position with Accure assets
Oculis has entered an agreement to acquire worldwide rights to Privosegtor and the early-stage neurology candidate ACT-02 from Accure Therapeutics. Privosegtor is being developed as a potential neuroprotective treatment for optic neuritis, a sight-threatening condition involving inflammation and damage to the optic nerve. The candidate is progressing through the PIONEER registrational programme and has received regulatory recognition from both the US Food and Drug Administration and the European Medicines Agency. The agreement builds on Oculis’ existing relationship with Accure. It gives Oculis greater ownership of Privosegtor’s development and potential future commercial value while removing existing milestone and royalty obligations connected with the asset. Strategically, the move reinforces Oculis’ ambition to establish a leadership position at the intersection of ophthalmology and neuroscience. Neuro-ophthalmology remains an area of considerable unmet need, particularly where nerve-cell damage can result in lasting visual impairment and direct neuroprotective treatment options remain limited.
Harrow broadens its dry-eye portfolio with TYRVAYA rights
Harrow has agreed to acquire the global rights to TYRVAYA from Viatris for up to $100 million, including $30 million payable at closing.TYRVAYA is an FDA-approved nasal spray for the signs and symptoms of dry-eye disease. Its nasal route of administration provides a differentiated, drop-free option within a treatment category traditionally dominated by topical eye therapies. The product is expected to complement Harrow’s existing VEVYE franchise. This would give the company a broader position in ocular-surface disease and provide eye-care professionals with treatments that approach dry eye through different mechanisms and delivery formats. For Harrow, the agreement is more than a product addition. It expands an established commercial platform, strengthens the company’s presence in a large and competitive treatment category, and creates opportunities to build greater scale across its eye-care network. The transaction is expected to close during the second half of 2026, subject to customary conditions.
What these ophthalmology acquisitions signal for the market
Although each deal follows a different strategic route, three themes connect them.
Unmet clinical needs continue to attract investment
Stargardt disease, optic neuritis and dry-eye disease represent very different clinical markets. Each, however, offers an opportunity to expand treatment choice and improve patient outcomes through a differentiated therapeutic approach. The transactions show that assets addressing areas of unmet need can carry significant strategic value, particularly when supported by advanced clinical development, regulatory momentum or an established commercial position.
Greater ownership can create greater strategic control
Acquiring a company, purchasing an asset or securing global product rights can give pharmaceutical businesses more authority over clinical development, regulatory planning, commercial strategy and future value creation. For Tarsus, the proposed acquisition provides access to a late-stage retinal candidate. Oculis gains greater control over an asset already central to its neuro-ophthalmology strategy. Harrow, meanwhile, strengthens its commercial dry-eye portfolio through global product rights.
Ophthalmic growth extends across multiple therapeutic areas
Current investment is not confined to one part of eye care. It is moving across rare retinal disease, neuroprotection and established ocular-surface markets, contributing to a more diverse and competitive ophthalmic pharmaceutical landscape. This breadth of activity suggests that companies are looking beyond individual products. They are building broader platforms capable of supporting long-term growth across specialist areas of eye care.