Thasuss bets $675 million to acquire potential blockbuster retinal drug

Thasuss Pharmaceuticals will acquire Alkeus Pharmaceuticals for $450 million (approximately 675 billion won) to secure a phase 3 retinal disease treatment with blockbuster potential.

According to biotech publication Fierce Biotech on the 6th local time, Thasuss will acquire Alkeus for $270 million in cash and $180 million in Thasuss common stock. Under the agreement, Thasuss will gain Alkeus’ key asset, gildeuretinol, a treatment for Stargardt disease. If gildeuretinol is successfully commercialized, Thasuss will be required to pay up to an additional $350 million (approximately 525 billion won) in milestone payments.

Gildeuretinol is being developed as an oral drug taken once daily. It is currently being evaluated in a phase 3 clinical trial in patients with Stargardt disease, with results expected in 2029. The drug previously failed in a phase 3 trial in patients with geographic atrophy but showed positive results in a phase 2 trial in Stargardt disease.

Stargardt disease is an inherited retinal disorder that causes progressive and irreversible vision loss. More than 36,000 patients in the United States have the disease, which is characterized by the accumulation of toxic vitamin A that damages retinal cells. Gildeuretinol is designed to reduce vitamin A accumulation, preserve visual function and delay blindness.

No treatment for Stargardt disease has yet been approved by the US Food and Drug Administration (FDA). However, competition is expected because Belite Bio is pursuing regulatory approval for tinlarebant after the drug succeeded in a phase 3 trial last year.

Bob Azamian, CEO of Thasuss, said, "We believe gildeuretinol has the potential to become a transformative treatment for Stargardt disease." He added, "Our strategy is to become the leading ophthalmology company by identifying medicines that can change the standard of care for patients who are desperate for innovation."

Alongside the acquisition announcement, Thasuss also disclosed that it had raised $125 million (approximately 187.5 billion won) through a private investment in public equity (PIPE). Existing Alkeus investors, including Bain Capital Life Sciences and TCGX, participated in the financing.

Thasuss, headquartered in California, currently markets Xdemvy, an eye drop for the treatment of blepharitis caused by Demodex mites. Last month, the company strengthened its ophthalmology portfolio by acquiring Irenix Medical, which has a phase 2 ophthalmic antiseptic.