Arcutis Biotherapeutics secures $225 million term loan facility

By Mary-Katherine Stinson

Lexington, Ky., Dec. 23 – Arcutis Biotherapeutics, Inc. entered into a $225 million term loan facility with funds managed by SLR Capital Partners, according to a company release.

Under the terms of the facility, $75 million was drawn at closing and an additional $125 million will become available upon FDA approval of roflumilast cream for treatment of plaque psoriasis.

An additional $25 million will also be available if certain revenue milestones are achieved.

The facility matures in January 2027 with the interest-only period extending the entire five-year period.

Interest will be the one-year ICE benchmark rate plus 745 basis points, subject to a 0.1% floor.

The facility is secured by the company’s assets.

J. Wood Capital Advisors LLC was the financial adviser and Latham & Watkins LLP was the legal counsel on the deal.

Westlake Village, Calif.-based Arcutis is a medical dermatology company focused on unmet needs in the treatment of immune-mediated skin diseases.

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