Aktis Oncology Enters Public Markets in $318M IPO at $1.2B Valuation

Aktis Oncology has gone public in the first biotech initial public offering of 2026, raising $318 million in an upsized listing. Shares rose 24% on the first day of trading, giving Aktis a market capitalisation of roughly $1.2bn.

The IPO drew strong interest from existing backers, including Eli Lilly,Dealroom has a profile for this one. Try Dealroom → which committed to purchase around $100 million of shares. Lilly has been a strategic partner since 2024, when it entered a collaboration with Aktis to develop radiopharmaceutical cancer therapies, providing $60 million upfront and agreeing to up to $1.2 billion in potential milestone payments.

Founded in 2021, Aktis is developing targeted oncology treatments that use alpha-emitting radioactive agents to treat solid tumours. The company plans to use the IPO proceeds to advance its two lead programmes and expand manufacturing capabilities. Management has said the raise extends Aktis’s cash runway into 2029.

Prior to the listing, Aktis had raised approximately $346 million from institutional investors including MPM BioImpactDealroom has a profile for this one. Try Dealroom →, Vida VenturesDealroom has a profile for this one. Try Dealroom →, EcoR1 CapitalDealroom has a profile for this one. Try Dealroom → and Blue Owl CapitalDealroom has a profile for this one. Try Dealroom →.

Sources:
Globe Newswire
Bloomberg
Fierce Biotech
Boston Globe

J.V.