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Tuesday, Aug 16, 2022
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Arcutis Plans Secondary Offering, Private Placement

Arcutis Biotherapeutics Inc. has made a secondary offering with 4 million shares of its stock.The Westlake Village research company, which focuses on skin treatments, said that in conjunction with the offering, it will sell $35 million in stock to OrbiMed Advisors, an affiliate of one of its directors, in a private placement.The company announced the stock sale Tuesday, when shares closed at $31.04, making 4 million shares were worth about $124 million.Shares of Arcutis (ARQT) closed Thursday down $1.68, or 5.7 percent, to $27.62 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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