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.
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.
