Tarsus Pharmaceuticals raises $125M in oversubscribed PIPE financing

Tarsus Pharmaceuticals, Inc. (Nasdaq: TARS) has entered into a securities purchase agreement for a private investment in public equity (PIPE) financing expected to generate approximately $125.0 million in gross proceeds, before placement agent fees and other expenses.

Under the terms of the agreement, Tarsus is selling 2,098,519 shares of common stock at $56.00 per share, along with pre-funded warrants to purchase 133,625 shares of common stock at $55.9999 per warrant. The pre-funded warrants carry an exercise price of $0.0001 per share. The financing is expected to close on Aug. 7, 2026, subject to customary closing conditions.

Participants in the financing include existing investors of Alkeus Pharmaceuticals, among them TCGX, Bain Capital Life Sciences, and Wellington Management. Tarsus separately announced a pending acquisition of Alkeus on the same date. Additional investors include ADAR1 Capital Management, Sirenia Capital Management LP, RTW Investments, and Vestal Point Capital.

Tarsus said it intends to use the net proceeds to fund clinical development, commercial activities, and general corporate purposes.

Barclays is serving as lead placement agent, with BofA Securities and William Blair acting as co-placement agents.

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