Exhibit 5.1
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 | | | | Wilson Sonsini Goodrich & Rosati Professional Corporation 650 Page Mill Road Palo Alto, California 94304-1050 O: 650.493.9300 F: 650.493.6811 |
September 19, 2022
Allakos Inc.
825 Industrial Road, Suite 500
San Carlos, California 94070
| | Re: | Underwritten Registered Direct Offering of Allakos Inc. |
Ladies and Gentlemen:
We have acted as counsel to Allakos Inc., a Delaware corporation (the “Company”), in connection with the registration of the offer and sale of up to 29,882,000 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share, pursuant to the Company’s shelf Registration Statement on Form S-3 (Registration No. 333-265085), filed with the Securities and Exchange Commission (the “Commission”) on May 19, 2022, under the Securities Act of 1933, as amended, and declared effective on May 31, 2022 (the “Registration Statement”).
The offering and sale of the Shares is being made pursuant to that certain underwriting agreement, dated September 19, 2022, by and among the Company and Jefferies LLC and Cowen and Company, LLC, as representatives of the several underwriters named therein (the “Underwriting Agreement”).
We have examined copies of the Underwriting Agreement, the Registration Statement, the base prospectus that forms a part thereof (the “Base Prospectus”) and the prospectus supplement thereto related to the offering of the Shares, which prospectus supplement is dated as of the date hereof (the “Prospectus Supplement” and, together with the Base Prospectus, the “Prospectus”). We have also examined instruments, documents and records which we deemed relevant and necessary for the basis of our opinion hereinafter expressed. In such examination, we have assumed: (i) the authenticity of original documents and the genuineness of all signatures; (ii) the conformity to the originals of all documents submitted to us as copies; (iii) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed; (iv) that the Underwriting Agreement has been duly authorized and validly executed and delivered by the parties thereto (other than the Company); (v) that the Shares will be issued and sold in compliance with applicable U.S. federal and state securities laws and in the manner stated in the Registration Statement and the Prospectus; and (vi) the legal capacity of all natural persons.
Based on and subject to the foregoing, we are of the opinion that the Shares have been duly authorized by the Company and, when issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting Agreement, will be validly issued, fully paid and nonassessable.
We express no opinion as to the laws of any state or jurisdiction other than the federal laws of the United States of America and the General Corporation Law of the State of Delaware.
AUSTIN BEIJING BOSTON BOULDER BRUSSELS HONG KONG LONDON LOS ANGELES NEW YORK PALO ALTO
SALT LAKE CITY SAN DIEGO SAN FRANCISCO SEATTLE SHANGHAI WASHINGTON, DC WILMINGTON, DE
