Arcutis Biotherapeutics Announces Pricing of Public Offering and Concurrent Private Placement of Common Stock
October 01 2020 - 9:46PM
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage
biopharmaceutical company focused on developing and commercializing
treatments for unmet needs in immune-mediated dermatological
diseases and conditions, or immuno-dermatology, today 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.
A registration statement on Form S-1 relating to
the securities being sold in the public offering has been filed
with the Securities and Exchange Commission (the "SEC") and became
effective on October 1, 2020. The public offering is being made
only by means of a prospectus. Copies of the prospectus relating to
the offering may be obtained from Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY, 11717, Attention: Prospectus Department, by telephone at (833)
297-2926, or by email at PostSaleManualRequests@broadridge.com; or
Guggenheim Securities, LLC, Attention: Equity Syndicate Department,
330 Madison, 8th Floor, New York, NY 10017, by telephone at (212)
518-9658, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com. You may also
obtain these documents free of charge by visiting the SEC's website
at www.sec.gov.
The securities in the public offering may not be
sold, nor may offers to buy be accepted, prior to the time the
registration statement becomes effective. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Arcutis - Bioscience,
applied to the skin.
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a late-stage
biopharmaceutical company focused on developing and commercializing
treatments for unmet needs in immune-mediated dermatological
diseases and conditions, or immuno-dermatology. The company is
leveraging recent advances in immunology and inflammation to
develop differentiated therapies against biologically validated
targets to solve persistent treatment challenges in serious
diseases of the skin. Arcutis’ robust pipeline includes four novel
drug candidates currently in development for a range of
inflammatory dermatological conditions. The company’s lead product
candidate, topical roflumilast, has the potential to revitalize the
standard of care for plaque psoriasis, atopic dermatitis, scalp
psoriasis, and seborrheic dermatitis.
Contact:Heather Rowe
ArmstrongVice President, Investor Relations & Corporate
Communicationsharmstrong@arcutis.com805-418-5006, Ext. 740
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