(RTTNews) - Tarsus Pharmaceuticals, Inc. (TARS) announced the acquisition of iRenix Medical, Inc., a privately held, clinical-stage ophthalmic biopharmaceutical company, for approximately $75 million in consideration, consisting of $37.5 million in cash and $37.5 million in shares.
The deal also includes potential approval and commercial milestone payments of up to $490 million for iRenix's IRX-101, an investigational ocular antiseptic for reducing post-procedural pain and corneal toxicity associated with intravitreal therapy.
IRX-101 is an aqueous chlorine dioxide solution that is currently in a Phase 2b/3 study.
According to the company, in the completed Phase 2b/3 RELIEF trial involving 154 patients, IRX-101 demonstrated statistically significant reductions in post-procedural pain and corneal fluorescein staining, a measure of corneal surface damage, compared with povidone-iodine (Betadine).
Based on these data and in alignment with feedback from the U.S. Food and Drug Administration, Tarsus plans to initiate a Phase 3 study designed to evaluate the tolerability and safety of IRX-101 compared to Betadine.
The study is expected to begin enrolling in the first half of 2027, with results anticipated in 2028.
Tarsus Pharma's lead commercial product is XDEMVY (lotilaner ophthalmic solution) 0.25%, which is FDA-approved in the United States for the treatment of Demodex blepharitis, a type of eyelid inflammation caused by an overgrowth of tiny Demodex mites that naturally live on human skin.
In the first quarter of 2026, XDEMVY generated $145.4 million in net product sales, an increase of over 85% from $78.3 million in the prior year.
In May 2026, Tarsus reaffirmed full-year 2026 guidance of $670-$700 million in XDEMVY net product sales, with peak sales potential exceeding $2 billion.
Tarsus is also developing TP-04 for the potential treatment of ocular rosacea and TP-05 as an oral tablet for Lyme disease, both of which are in Phase 2 development.
TARS has traded between $38.51 and $85.25 over the last year. The shares closed Wednesday's trade at $67.73, down 4%.
In the after-hours trading, TARS is down 1.93% at $66.42.
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