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, has announced the pricing of its initial public offering of 9,375,000 shares of its common stock at a price to the public of $17.00 per share.
Arcutis Biotherapeutics, Inc. (Arcutis), 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 initial public offering of 9,375,000 shares of its common stock at a price to the public of $17.00 per share. The shares are expected to begin trading on The Nasdaq Global Select Market on January 31, 2020 under the symbol “ARQT.” The offering is expected to close on February 4, 2020, subject to customary closing conditions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Arcutis, are expected to be approximately $159.4 million. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,406,250 shares of common stock.
Latham & Watkins LLP represents the underwriters in the transaction with a corporate team led by Bay Area partners Brian Cuneo and Mark Roeder with Orange County associates Ross McAloon and Nicole Jazayeri and Bay Area associate Nimrah Khan. Advice was also provided 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, D.C. partner Elizabeth Richards with Bay Area counsel Betty Pang and Washington, D.C. associates Barrett Tenbarge and Margaret Rote; and on intellectual property matters by Bay Area partner Judith Hasko with associates Gavin Liu and Katie Mladinich.
