WESTLAKE VILLAGE, Calif. - Arcutis Biotherapeutics, Inc. (NASDAQ: NASDAQ:ARQT), a commercial-stage biopharmaceutical company, has announced an underwritten public offering of common stock, with the pricing set at $9.50 per share.
The company is offering 15,789,474 shares, with the possibility of an additional 2,368,421 shares available to underwriters through a 30-day option. The expected gross proceeds are approximately $150 million, before underwriting discounts, commissions, and offering expenses.
The offering is anticipated to close on March 4, 2024, subject to customary closing conditions. Arcutis plans to allocate the net proceeds to support the commercialization and development of its dermatological programs, including potential launches in atopic dermatitis and scalp psoriasis, and for general corporate purposes.
Morgan Stanley, TD Cowen, and Guggenheim Securities are acting as joint lead bookrunning managers for the offering, with Mizuho and Needham & Company serving as co-lead managers.
The offering is made under an effective shelf registration statement filed with the Securities and Exchange Commission on January 31, 2024. A final prospectus supplement and accompanying prospectus will be filed with the SEC.
Arcutis focuses on immuno-dermatology, aiming to address the needs of individuals with immune-mediated dermatological diseases and conditions. The company's portfolio includes two FDA-approved products and a development platform with multiple clinical programs for various inflammatory dermatological conditions.
This article is based on a press release statement from Arcutis Biotherapeutics, Inc.
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