Fenwick Represents Pharmakon Advisors in its $200 Million Non-Dilutive Financing Agreement with Tarsus Pharmaceuticals

Fenwick represented Pharmakon Advisors, a leading investor in non-dilutive debt for the life sciences industry, in IP diligence in Pharmakon’s up to $200 million funding agreement with Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS). Tarsus is advancing its pipeline to address several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease. Tarsus’s pipeline includes the FDA-approved drug XDEMVY (lotilaner ophthalmic solution) 0.25% for the treatment of Demodex blepharitis, an inflammation of the eyelid caused by infestation by Demodex mites. Tarsus has elected to draw $75 million initially, with the remaining $125 million of committed capital available at the company’s option in three tranches through specified time windows, the last of which ends in December 2025.

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The Fenwick team included intellectual property partner Dr. Carl Morales and associate Dr. Stefan Ochiana and corporate partner Eric Shedlosky.