By Colin Kellaher
Clinical-stage biotechnology company Allakos, which early this year pulled the plug on its lead program and slashed its workforce by 75%, has struck a deal to be acquired for about $30 million.
Allakos on Wednesday said Concentra Biosciences, controlled by life sciences-focused investment firm Tang Capital, has agreed to pay 33 cents a share in cash for the Menlo Park, Calif., company, a 52% premium to Tuesday's closing price of 21.7 cents.
The deal is slated to close in May.
Allakos shares collapsed in late January after the company said it was ending further development of AK006, its most advanced product candidate, following the failure of the drug in a phase 1 study in the skin condition chronic spontaneous urticaria.
Trading in shares of Allakos was halted premarket on Wednesday. The stock traded as low as 21.6 cents during Tuesday's session, its lowest level since the company went public in 2018.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 02, 2025 08:35 ET (12:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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