Tarsus acquires iRenix for $75M upfront plus $490M in milestones for late-stage eye drug

Filed July 8, 2026 · Period ending July 6, 2026 · ~1 min read

Key Changes

• high

  Acquired iRenix Medical for $37.5M cash and $37.5M in stock (607,093 shares), plus up to $490M in regulatory and commercial milestones and low-to-mid single-digit revenue sharing on future sales.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  IRX-101 met both co-primary endpoints in Phase 2b/3 trial (154 patients): 50% reduction in post-injection pain vs. standard antiseptic (p=0.0003) and 25% reduction in corneal damage (p=0.0003).

  Exhibit 99.1 verify on EDGAR →
• high

  Phase 3 study for IRX-101 expected to begin enrolling in first half of 2027 with results anticipated in 2028, following FDA alignment on study design focused on tolerability and safety.

  Exhibit 99.1 verify on EDGAR →