Latham & Watkins Advises Arcutis on US$150 Million Public Offering

Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, has announced the pricing of its underwritten public offering of common stock. Arcutis is selling 15,789,474 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of US$9.50 per share. All shares of common stock to be sold in the offering are being offered by Arcutis. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 2,368,421 shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The gross proceeds to Arcutis from the offering are expected to be approximately US$150 million, before deducting underwriting discounts and commissions and 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 March 4, 2024.

Latham & Watkins is advising Acrutis Biotherapeutics in the offering, with a capital markets team lead by Orange County partners Shayne Kennedy and Ross McAloon, with associates Jacob Walsh, Caitlin Nguyen, and Ivana Valdez. Advice was also provided on tax matters by Bay Area partner Grace Lee, with associate Gregory Conyers; and on healthcare regulatory matters by Washington, D.C. partner Elizabeth Richards, Bay Area partner Betty Pang, and Washington, D.C. counsel Chad Jennings, with associates Robert Yeh and Kristina Funahashi.