Arcutis Biotherapeutics, Inc., a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, announced the pricing of its underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $25.00 per share, before underwriting discounts and commissions. All of the shares in the offering are to be sold by Arcutis. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to 600,000 additional shares of its common stock. The gross proceeds from the public offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, are expected to be $100.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on Oct. 6, 2020, subject to customary closing conditions.
A life sciences-focused capital markets team at Latham & Watkins LLP represented Arcutis Biotherapeutics in the transaction led by Bay Area partner Brian Cuneo with Orange County associates Ross McAloon, and Greg Van Buiten. Advice was also provide on tax matters by Bay Area partner Grace Lee with associate Jessica Chen; on benefits and compensation matters by Bay Area partner Ashley Wagner with associate Brianna Stellpflug; on regulatory matters by Washington DC counsel Carolyne Hathaway and Bay Area counsel Betty Pang with associate Barrett Tenbarge and Margaret Rote; and on intellectual property matters by Bay Area partner Judith Hasko.