Aktis Oncology’s IPO tests reopening of biotech markets
US radiopharma newcomer Aktis Oncology (Nasdaq: AKTS) raised about $318 million after pricing an upsized initial public offering at the top of its range, becoming the first biotech company to list publicly in 2026 after a prolonged market freeze.
The Boston-based company sold roughly 17.7 million shares at $18 apiece, well above its earlier plan to raise about $200 million. Shares rose around 24% on their first day of trading, a solid debut that investors will read as an early signal of returning risk appetite.
Support from US pharma major Eli Lilly (NYSE: LLY) was central to the offering’s success. Lilly indicated it would buy around $100 million of shares, extending a relationship forged in 2024 around Aktis’ miniprotein radioconjugate platform, with up to $1.2 billion in potential milestones.
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