Tarsus Pharmaceuticals announced July 8 that it had acquired iRenix Medical, of Palo Alto, California, developer of IRX-101, an investigational ocular antiseptic.

Tarsus said it would pay approximately $75 million up front, consisting of $37.5 million in cash and $37.5 million in Tarsus common stock. Potential approval and commercial milestone payments could reach $490 million, the companies said.

The standard antiseptic used to disinfect the ocular surface before intravitreal injections is povidone-iodine (Betadine).

IRX-101 is a stable aqueous chlorine dioxide solution that, in a Phase IIb/III study, demonstrated statistically significant reductions in post-procedural pain and improvements in corneal fluorescein staining (a measure of corneal surface damage) vs. povidone-iodine.

Tarsus said that IRX-101 has the potential to benefit both patients and physicians while establishing a foundation for the company in the retina sector.

Tarsus said it plans to initiate a Phase III study of IRX-101 in the first half of 2027, with results expected in 2028.

Tarsus, of Irvine, California, markets Xdemvy (lotilaner ophthalmic solution) 0.25% for Demodex blepharitis. The company reported Q1-2026 revenue for Xdemvy of $145.4 million.

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