Allakos soars on buyout deal with Concentra Biosciences

Shares of drug developer Allakos ALLK.O rise 45.6% to 32 cents premarket

Concentra Biosciences will buy Allakos for 33 cents per share in cash, a premium of 52% to ALLK's last close

Allakos says a wholly owned subsidiary of Concentra will commence a tender offer by April 15 to acquire all outstanding shares of ALLK

Co expects the deal to close in May 2025

Says closing of the deal is subject to availability of at least $35.5 million of cash at closing, and other customary closing conditions

Shares of the company have fallen 82.1% YTD