Secondary Stock Offerings
By The Online Investor Staff, updated Thu., Aug. 18, 6:39 AM
| This Slide: #24 of 25 |
Slide #24. Arcutis Biotherapeutics, Inc. — Secondary Offering
Company:
Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)
Date announced:
8/2/2022
Shares Offered:
7,500,000
Date of Pricing:
8/2/2022
Price Per Share:
$20.00
Secondary Offering Details:
Arcutis Biotherapeutics, Inc. ("Arcutis") (Nasdaq: ARQT), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced the commencement of an underwritten public offering of $150.0 million of shares of its common stock. All of the shares in the offering are being sold by Arcutis. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the offering. In addition, Arcutis intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering at the public offering price. -updated 8/2- Arcutis Biotherapeutics, Inc. ("Arcutis") (Nasdaq: ARQT), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced the pricing of its underwritten public offering of 7,500,000 shares of its common stock at a public offering price of $20.00 per share, representing a premium to the closing price of $19.50 per share on August 2, 2022. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Arcutis from the offering are expected to be $150.0 million, before deducting underwriting discounts and commissions and estimated 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 August 5, 2022.
Arcutis Biotherapeutics is a late-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with unmet medical needs. Co.'s product candidate, topical roflumilast cream, is used for plaque psoriasis, including intertriginous psoriasis, as well as atopic dermatitis. Co. is developing a topical foam formulation of roflumilast for the treatment of scalp psoriasis and seborrheic dermatitis; ARQ-252, a topical cream formulation of a small molecule inhibitor of Janus kinase type 1 for chronic hand eczema and vitiligo; and ARQ-255, an alternative topical formulation of ARQ-252 designed to reach into the skin in order to treat alopecia areata.
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Avg. Broker Rec.
 
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Strong Buy (3.90 out of 4) 68th percentile
(ranked higher than approx. 68% of all stocks covered)
Analysts' Target Price: ARQT Stock Forecast Based on Zacks ABR data; powered by Xignite |
