Allakos Enters Agreement To Be Acquired By Concentra Biosciences For $0.33 In Cash Per Share. Merger Expected To Close In May 2025

SAN CARLOS, Calif., April 02, 2025 (GLOBE NEWSWIRE) -- Allakos Inc. ("Allakos") (NASDAQ:ALLK), a biotechnology company that has been developing antibodies for the treatment of allergic, inflammatory and proliferative diseases, today announced it has entered into a definitive merger agreement (the "Merger Agreement") whereby Concentra Biosciences, LLC ( "Concentra") will acquire Allakos for $0.33 in cash per share of Allakos common stock ("Allakos Common Stock").

Allakos' Board of Directors has unanimously determined that the acquisition by Concentra is in the best interests of all Allakos shareholders and, following the unanimous recommendation of Allakos' Transaction Committee, has approved the Merger Agreement and related transactions.

Pursuant and subject to the terms of the Merger Agreement, a wholly owned subsidiary of Concentra will commence a tender offer (the "Offer") by April 15, 2025 to acquire all outstanding shares of Allakos Common Stock.

Closing of the Offer is subject to certain conditions, including the tender of Allakos Common Stock representing at least a majority of the total number of outstanding shares (including any shares held by Concentra), the availability of at least $35.5 million of cash (net of transaction costs, wind-down costs and other liabilities) at closing, and other customary closing conditions. Allakos officers, directors and their respective affiliates holding approximately 8.07% of Allakos Common Stock have signed support agreements under which such parties have agreed to tender their shares in the Offer and support the merger transaction. The merger transaction is expected to close in May 2025.