Arcutis Biotherapeutics, a Phase 3 biotech developing topical therapies for common skin diseases, announced terms for its IPO on Tuesday.
The Westlake Village, CA-based company plans to raise $125 million by offering 7.8 million shares at a price range of $15 to $17. Insiders intend to purchase $50 million worth of shares in the offering. At the midpoint of the proposed range, Arcutis Biotherapeutics would command a fully diluted market value of $593 million.
Arcutis Biotherapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol ARQT. Goldman Sachs, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2020.
