Allakos (ALLK) Prices 29.88M Share Offering at $5.02/sh

Allakos Inc. (Nasdaq: ALLK), a biotechnology company developing lirentelimab (AK002) and AK006 for the treatment of allergic and inflammatory diseases, today announced the pricing of an underwritten offering of 29,882,000 shares of its common stock at an offering price of $5.02 per share. Investors who have agreed to purchase shares in the offering include Logos Capital, Alta Partners, Braidwell LP, BVF Partners L.P., Commodore Capital, Deep Track Capital, Frazier Life Sciences, New Enterprise Associates (NEA), RTW Investments, L.P., Surveyor Capital (a Citadel Company), TCGX, and Vivo Capital. Before deducting the underwriting discounts and commissions and estimated offering expenses, the company expects to receive total gross proceeds of approximately $150 million. All of the shares are to be sold by the company. The offering is expected to close on or about September 21, 2022, subject to satisfaction of customary closing conditions.

Jefferies is acting as the lead book-running manager and Cowen and LifeSci Capital are acting as joint book-running managers for the offering.

The shares are being offered by the company pursuant to a Registration Statement on Form S-3 previously filed and declared effective by the SEC. A prospectus supplement and accompanying prospectus relating to the offering will also be filed with the SEC. These documents can be accessed for free through the SEC’s website at www.sec.gov.

When available, a copy of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from:

Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by email at [email protected], or by telephone at (877) 821-7388; or

Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at [email protected] or by telephone at (833) 297-2926.

LifeSci Capital LLC, Attention: Syndicate Prospectus Department, 250 West 55th Street, 34th Floor, New York, NY 10019, by email at [email protected], or by telephone at (646) 876-5059.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

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