Arcutis Biotherapeutics, a Phase 3 biotech developing topical therapies for common skin diseases, raised $159 million by offering 9.4 million shares at $17, the high end of the range of $15 to $17. The company offered 1.6 million more shares than anticipated and at IPO, it commands a fully diluted market value of $657 million. Arcutis Biotherapeutics plans to list on the Nasdaq under the symbol ARQT. Goldman Sachs, Cowen, and Guggenheim Securities acted as lead managers on the deal.
