Arcutis Biotherapeutics, a Westlake Village biopharmaceutical company specializing in topical treatments for psoriasis, has proposed terms for its plan to go public.
The company intends to raise $125 million from the sale of its common stock with an initial public offering price between $15 and $17 a share, according to an amended registration statement filed with the Securities and Exchange Commission on Tuesday.
Arcutis has applied to list its common stock on the Nasdaq under the symbol “ARQT.” Cantor Fitzgerald & Co. is acting as lead manager for the proposed offering; Goldman Sachs & Co. and Guggenheim Securities LLC, along with Cowen, are acting as bookrunning managers.
The company’s lead drug candidate, ARQ-151, is in Phase 3 clinical trials for plaque psoriasis and Phase 2 for atopic dermatitis. ARQ-154, a foam designed to treat dermatitis and scalp psoriasis, is in Phase 2 clinical trials. Other creams for hand eczema and alopecia are also in the Arcutis pipeline.
The global market for psoriasis treatment is expected to reach $46.6 billion by 2022, according to a 2019 report from Research and Markets. Competitors in the psoriasis treatment space include Valley companies Amgen Inc. in Thousand Oaks and formerly Sienna Biopharmaceuticals in Westlake Village. Sienna filed Chapter 11 in September and ceased operations in December.