Arcutis Biotherapeutics, Inc. (NasdaqGS:ARQT) entered into an agreement to acquire Ducentis BioTherapeutics Limited for approximately $430 million on September 7, 2022. Under the terms of the share purchase agreement, Arcutis will acquire the outstanding shares of Ducentis for an upfront cash payment of approximately $15.9 million and Arcutis stock of 610,258 shares, as well as future contingent payments up to an aggregate of approximately $400 million based on development and commercial success. Ducentis' Chief Scientific Officer, Rebecca Ashfield, will be retained by Arcutis as a consultant.

Closing of the transaction will be subject to customary closing conditions and FDA approval. The deal is expected to close in third quarter of 2022. Andrew Ment, Camilla Rogers, Hannah Berry, Ross Finnie, Andrew Young, Daniel Spivey and Flora Johnston, Guy Dingley, Ansgar Simon, Mark Gillis, Sumaya Bouadi, Antonio Michaelides and Mark Welch of Covington & Burling LLP acted as legal advisors to Arcutis and Goodwin Procter LLP acted as legal advisor to Ducentis.