Arcutis acquires Ducentis for ~$30M upfront; DS-234 for atopic dermatitis

Arcutis Biotherapeutics, Inc.

Upfront consideration ~$30M (~$16M cash + ~$14M in stock); contingent milestones up to ~$400M.
DS-234 is a CD200R agonist (checkpoint agonism) targeting atopic dermatitis, a large underserved market.
Arcutis had ~$283M cash as of June 2022 plus $285M from Aug financings; deal not material to financial plans.
Closing expected Q3 2022; no stockholder approval required; Ducentis CSO retained as consultant.

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