Arcutis Announces Pricing of $150 Million Public Offering

WESTLAKE VILLAGE, Calif., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today 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 $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 $150.0 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.

Arcutis intends to use the net proceeds from this offering, together with its existing cash, cash equivalents, restricted cash, and marketable securities, to fund the continued commercialization, development and approval of its multiple programs, including for its potential launches in atopic dermatitis and scalp psoriasis and further patient expansion within psoriasis, with the remainder for working capital and other general corporate purposes.

Morgan Stanley, TD Cowen, and Guggenheim Securities are acting as joint lead bookrunning managers for the offering. Mizuho and Needham & Company are acting as co-lead managers for the offering.

The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission (the “SEC”) on January 31, 2024. A final prospectus supplement and accompanying prospectus relating to and describing the final terms of the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov or may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [e-mail]; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by telephone at [phone], or by email at [e-mail]; or Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at [phone], or by email at [e-mail].