Benzinga | Oct 2, 2020 05:34AM EDT

Arcutis Biotherapeutics Priced 4M Share Public Offering and 1.4M Share Concurrent Private Placement of Common Stock @$25/Share

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) announced the pricing of its underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $25.00 per share, before underwriting discounts and commissions. All of the shares in the offering are to be sold by Arcutis. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to 600,000 additional shares of its common stock. The gross proceeds from the public offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, are expected to be $100.0 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on Oct. 6, 2020, subject to customary closing conditions.

Concurrent with the completion of the public offering, Arcutis expects to sell to entities affiliated with OrbiMed Advisors, LLC, an affiliate of one of the Company's directors, 1,400,000 shares of its common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, at a price per share equal to the public offering price. The gross proceeds from the private placement are expected to be $35.0 million. The private placement will be contingent on the closing of the underwritten public offering and the satisfaction of customary closing conditions. The underwritten public offering is not contingent on the private placement.

Goldman Sachs & Co. LLC, Cowen and Company, LLC, and Guggenheim Securities, LLC are acting as bookrunning managers for the public offering. Truist Securities, Inc. and Cantor Fitzgerald & Co. are acting as lead managers for the public offering.