Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, has announced the pricing of its upsized underwritten public offering of 5,500,000 shares of its common stock at a public offering price of US$35.00 per share. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Arcutis from the offering are expected to be US$192.5 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, and assuming no exercise of the underwriters’ option to purchase additional shares.
Latham & Watkins LLP represents Arcutis Biotherapeutics, Inc. in the transaction with a life sciences capital markets team led by Bay Area partner Brian Cuneo, with associates Ross McAloon, Traci Biedermann, and Jack Vanderford. Advice was also provided on intellectual property matters by Bay Area partner Judith Hasko, with associate Katie Mladinich; on regulatory matters by Washington, D.C. of counsel Carolyne Hathaway and Bay Area counsel Betty Pang, with associate Barrett Tenbarge; on tax matters by Bay Area partner Grace Lee, with associate Jessica Chen; and on benefits and compensation matters by Bay Area partner Ashley Wagner, with associate Brianna Stellpflug.