Allakos Inc. | MedPath

Rivus Pharmaceuticals Strengthens Leadership Team Ahead of Critical Phase 2b MASH Trial Results

a month ago

• Rivus Pharmaceuticals has appointed David Grainger, Ph.D., as Chairman of Development and Meg Fitzgerald, J.D., as Chief Legal Officer while establishing a new office in South San Francisco. • The company is advancing its novel Controlled Metabolic Accelerators (CMAs), led by HU6, which has shown promising Phase 2a results in treating obesity-related conditions without muscle mass loss. • Rivus is approaching a critical milestone with the imminent readout of its Phase 2b M-ACCEL study in metabolic dysfunction-associated steatohepatitis (MASH), potentially advancing HU6 to pivotal trials.

Concentra Biosciences to Acquire Allakos for $0.33 Per Share in Strategic Biotech Deal

2 months ago

• Allakos Inc., a biotechnology company focused on antibodies for allergic and inflammatory diseases, has entered into a definitive merger agreement to be acquired by Concentra Biosciences for $0.33 per share in cash. • The acquisition, unanimously approved by Allakos' Board of Directors, is expected to close in May 2025 following a tender offer that will commence by April 15, with company insiders holding 8.07% already committed to the deal. • The transaction requires at least a majority of outstanding shares to be tendered and availability of minimum $35.5 million in cash at closing, representing a strategic consolidation in the immunomodulatory therapeutics sector.

Allakos Halts AK006 Development for Chronic Hives After Phase 1 Failure, Announces Restructuring

4 months ago

• Allakos' AK006 failed to demonstrate therapeutic efficacy in a Phase 1 trial for chronic spontaneous urticaria (CSU), leading to the discontinuation of its development. • The company will reduce its workforce by 75% and explore strategic alternatives following the unsuccessful trial results. • The Phase 1 trial enrolled 34 patients with moderate-to-severe CSU, but AK006 did not show significant improvement compared to placebo. • Allakos anticipates restructuring costs of $34 million to $38 million and expects to have $35 million to $40 million in cash reserves by mid-2025.