Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, has announced the pricing of its underwritten public offering of 7,500,000 shares of its common stock at a public offering price of US$20 per share, representing a premium to the closing price of US$19.50 per share on August 2, 2022. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 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$150 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. Subject to the satisfaction of customary conditions, the offering is expected to close on August 5, 2022.
Latham & Watkins advises Arcutis Biotherapeutics, Inc. in the transaction with a capital markets team led by Bay Area partner Brian Cuneo and Orange County partner Ross McAloon, with Orange County associates Jacob Walsh and Caitlin Nguyen. Advice was also provided by Bay Area partner Grace Lee, with Bay Area associate Gregory Conyers; on regulatory matters by Washington, D.C. partner Elizabeth Richards, Bay Area partner Heather Deixler and Bay Area counsel Betty Pang, with Washington, D.C. associates Chad Jennings and Margaret Rote.