Aktis secures $318 million in the first biotech IPO of 2026

Aktis Oncology Launches Landmark IPO, Raising $318 Million

Aktis Oncology, a company specializing in radiopharmaceuticals for cancer treatment, announced on Thursday that it has secured $318 million through its initial public offering. This marks the first IPO by a biotech firm in 2026.

The company sold 17.65 million shares at $18 each, surpassing its original target, as detailed in a recent securities filing. The offering was expanded after Eli Lilly, a previous collaborator with Aktis, invested $100 million—acquiring about a third of the shares. Aktis will debut on the Nasdaq under the ticker “AKTS” starting Friday.

Headquartered in Boston, Aktis is working on innovative cancer therapies that aim to target tumors in ways that current radiopharmaceuticals cannot. Their lead candidate, AKY-1189, is a “miniprotein radioconjugate” designed to attack Nectin-4, the same protein targeted by Pfizer’s Padcev for bladder cancer. Aktis is exploring its potential in other cancer types, with early clinical trial results anticipated in the first quarter of 2027.

Another promising drug in their pipeline, AKY-2519, is being developed to treat solid tumors that express the B7-H3 protein. Tumors with high B7-H3 levels have proven resistant to many existing treatments, including anti-PD1 therapies, according to Aktis. The ongoing partnership with Eli Lilly may also lead to the discovery of additional radiopharmaceutical targets.

Before going public, Aktis had already raised $346 million in private investments to support its research and development efforts. Backers include MPM BioImpact, Vida Ventures, and RA Capital.

Biotech IPO activity was sluggish last year, with fewer than twelve companies going public, based on BioPharma Dive data. Of those, only Ascentage Pharma was focused on cancer drug development.

Despite the slow IPO market, radiopharmaceutical companies have attracted significant interest from major pharmaceutical players such as Lilly, Bristol Myers Squibb, and Novartis. Novartis, in particular, has achieved notable success with its radiopharmaceutical drugs Pluvicto and Lutathera, prompting a wave of acquisitions as other companies seek more targeted cancer treatments.

Aktis’ public offering stands as the third-largest in the biotech sector since the beginning of 2024, following those of Kyverna Therapeutics and CG Oncology.