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Arcutis Biotherapeutics (ARQT) announces the commencement of an underwritten public offering of $150M of its shares.The company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares at the public offering price.Morgan Stanley, Cowen, and Guggenheim Securities are acting as bookrunning managers for the proposed offering. Truist Securities and Cantor are acting as lead managers for the offering.