Aktis Oncology has raised the stakes for its upcoming public debut, increasing the size of its initial public offering to $300 million after securing a substantial cornerstone investment from a strategic partner. The move underscores growing investor appetite for next-generation oncology platforms, particularly in the radiopharmaceutical space, where large pharmaceutical companies are increasingly active.
The Boston-based biotech now plans to offer 17.7 million shares at a price range of $16 to $18, up from its earlier proposal of 11.8 million shares at the same range. If priced at the midpoint, the deal would value the company at approximately $960 million.
Company Background
Founded in 2020, Aktis Oncology is a clinical-stage oncology company focused on developing alpha-emitting radiopharmaceuticals designed to precisely target solid tumors. The company’s strategy centers on pairing potent radioactive payloads with engineered targeting molecules to improve efficacy while limiting off-target toxicity.
Aktis generated approximately $6 million in revenue over the 12 months ended September 30, 2025, reflecting its early-stage status. Beyond its core development programs, the company has invested heavily in isotope supply partnerships and is building an internal cGMP manufacturing facility expected to come online in 2026—an increasingly important differentiator in a supply-constrained sector.
IPO Details
Aktis Oncology plans to list on the Nasdaq under the ticker symbol AKTS. At the revised deal size, the company expects to raise $300 million in gross proceeds, 50% more than originally planned.
A key feature of the offering is a $100 million indicated investment from Eli Lilly, accounting for roughly 33% of the total deal. The IPO is being led by J.P. Morgan, BofA Securities, Leerink Partners, and TD Cowen, with pricing expected during the week of January 5, 2026.
Market Context & Opportunities
The radiopharmaceutical sector has become one of the most competitive areas in oncology, driven by recent high-profile acquisitions and partnerships involving large pharmaceutical players. Alpha-emitting therapies, in particular, are seen as a promising frontier due to their ability to deliver highly localized, cell-lethal radiation.
Aktis’ lead program, Ac-AKY-1189, targets Nectin-4–expressing cancers and is currently enrolling approximately 150 patients in a multi-site U.S. Phase 1b trial, with initial data expected in early 2027. A second program, Ac-AKY-2519, targets B7-H3–expressing tumors, with an IND filing planned for 2026. These assets position the company to benefit from sustained interest in targeted oncology innovation.
Risks & Challenges
Despite strong investor backing, Aktis Oncology remains in the early stages of clinical development. The company faces the inherent risks of drug development, including clinical trial uncertainty, regulatory hurdles, and long timelines to commercialization. Additionally, its limited revenue base highlights continued reliance on external funding to advance its pipeline.
Execution around manufacturing scale-up and isotope supply will also be critical, as bottlenecks in these areas have challenged peers in the radiopharmaceutical space.
Closing Outlook
By upsizing its IPO and securing a significant commitment from Eli Lilly, Aktis Oncology has sent a clear signal of confidence to the market. The offering raises the question of whether this IPO will mark the emergence of another major radiopharmaceutical platform—or whether investors will remain cautious until clinical data validates the promise of its pipeline. Either way, Aktis’ debut is shaping up to be one of the more closely watched biotech offerings of early 2026.
