Arcutis Biotherapeutics drops on $150 mln stock deal

Arcutis Biotherapeutics

29/02/2024 12:42

** Shares of Arcutis Biotherapeutics  ARQT.O  down 5.2% at
$9.87 premarket after overnight follow-on priced
    ** Dermatology-focused biopharma late Weds said sold ~15.8
mln shares at $9.50 for $150 mln raise
    ** Offering price represents 8.7% discount to stock's last
sale
    ** Co to use net offering proceeds to fund continued
commercialization, development and approval of its programs,
including potential launches in atopic dermatitis and scalp
psoriasis
    ** With ~96.8 mln shares outstanding, ARQT has $1 bln market
cap
    ** Shares have more than tripled to start the year after
ending 2023 at $3.23
    ** Morgan Stanley, TD Cowen, and Guggenheim jt bookrunners
for the stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))