Fenwick & West represented 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, in its initial public offering of 10,781,250 shares of its common stock at a price to the public of $17.00 per share, which includes 1,406,250 shares sold upon full exercise of the underwriters’ option to purchase additional shares of common stock.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Arcutis, were approximately $183.3 million.
Goldman Sachs & Co. LLC, Cowen and Company, LLC and Guggenheim Securities, LLC acted as bookrunning managers for the proposed offering. Cantor Fitzgerald & Co. acted as lead manager for the offering.
More information about the offering can be obtained from Arcutis’ announcement.
The Fenwick transaction team included corporate partners Matthew Rossiter and Robert Freedman and associates Julia Forbess, Alice Lin, Ivan Au and John Clancy; executive compensation and employee benefits partner Elizabeth Gartland and counsel Nicholas Frey; and technology transactions partner Stefano Quintini and associate Sophia Chen.