** Shares of drugmaker Tarsus Pharmaceuticals TARS.O rise 3.5% to $62.25

** Co says it will receive $15 mln milestone payment, after partner Grand Pharmaceutical Group wins Chinese approval for eye drug TP-03

** The drug, sold as Xdemvy in U.S., is approved in China to treat Demodex blepharitis, an eyelid condition caused by tiny mites that leads to itching and irritation

** Co says the drug is the first approved treatment for the disease in China

** Grand Pharma holds exclusive rights to develop and sell the drug in Greater China, including mainland China, Hong Kong, Macau and Taiwan

** Tarsus says over 40 mln people in the region are affected; co is also eligible for further regulatory and sales milestones and future royalties

** Shares up ~49% in 2025