Eli Lilly has expressed interest in participating in the IPO, with the regulatory filing revealing the obesity juggernaut’s plans to buy as much as $100 million worth of Aktis shares.
Aktis Oncology is expecting to raise about $318 million in the first biotech IPO of the year, with existing stockholder Eli Lilly looking to snap up about $100 million worth of shares.
The IPO will see Aktis offer just under 17.7 million shares at $18 apiece, according to a Thursday regulatory filing. The underwriters will have the opportunity to pick up another 2.6 million shares, bringing the possible total to $318 million. Aktis is expected to begin trading Friday under the symbol AKTS.
Lilly has expressed interest in participating in the IPO, with the regulatory filing revealing the obesity juggernaut’s plans to buy as much as $100 million worth of Aktis shares. The companies already have a strategic partnership to work on novel radioconjugates.
The radiopharmaceutical biotech expects to take home about $274.5 million in proceeds after all is said and done. The IPO plans were revealed before Christmas.
About $150 million of the funds will be used to advance a Phase Ib trial for Ac-AKY-1189 in Nectin-4 expressing tumors. Another $70 million to $80 million will fuel an early-stage test for Ac-AKY-2519 in B7-H3 expressing tumors. And cash remaining will go toward working capital and general corporate purposes. Aktis also noted that some of the funds could be used to in-license other technologies, products or businesses.
Aktis had $246.2 million in cash on hand heading into the IPO. With the proceeds, the company expects to be able to fund operations into 2029.
Original article published December 22, 2025.
Radiopharma-Focused Aktis Squeezes in IPO To End Biotech Drought
Radiopharmaceuticals biotech Aktis Oncology is squeezing in a last-minute IPO to end the year, snapping a multi-month drought in filings for the sector.
Aktis did not disclose the full terms of the planned raise, with the December 19 filing seeking the customary $100 million.
The biotech, which has a deal with Eli Lilly worth as much as $1.1 billion, is developing two targeted radiopharmaceuticals from its miniprotein radioconjugate platform. The most advanced is AKY-1189, which moved into a Phase Ib trial called NECTINIUM-2 for Nectin-4 expressing solid tumors in May. Initial data from the trial, which includes patients with lung, colorectal and cervical cancers, is expected in the first quarter of 2027.
Aktis is also prepping an investigational new drug application for AKY-2519 in B7-H3 expressing solid tumors.
Lilly offered $60 million upfront plus $1.1 billion in potential milestones back in May 2024 to partner with Aktis in finding new radiopharmaceuticals.
Aktis is led by Matthew Roden, who is also an entrepreneur partner at investment firm MPM BioImpact.
Radiopharmaceuticals has been a particularly hot area of investment for Big Pharma over the past few years. In addition to Lilly, Sanofi, Novartis, AstraZeneca and Bristol Myers Squibb have made major plays in the space. Novartis is the noted leader, with two approved assets in Lutathera and Pluvicto. Sales of the latter reached $564 million in the third quarter, marking 45% growth.
