Aktis is seeking to raise over $200 million in a proposed IPO to fund its radiopharmaceutical programs, according to a US securities filing.

Why It Matters To Oncology

• Aktis will direct most funds to advance two targeted alpha therapies in Phase Ib trials: [225Ac]Ac-AKY-1189 for Nectin-4–expressing tumors and [225Ac]Ac-AKY-2519 for B7-H3–positive cancers.

• Both targets are of high interest in solid tumors, and radiopharma approaches are gaining traction as precision oncology tools.

The Financials

• Aktis plans to offer ~11.8M shares at $16–$18 each, targeting a fully diluted market cap of $860M at the midpoint.

• The company has raised at least $336M privately, with backers including Novartis, Bristol Myers Squibb, Eli Lilly, and Merck & Co.

• IPO proceeds and existing cash ($246.2M as of September) expected to support operations into H1 2028.

What They're Saying

• Aktis joins a small cohort of biotechs attempting IPOs amid a sector downturn, signaling confidence in radiopharma’s promise and investor appetite for novel oncology modalities.

What's Next

• Completion of the IPO will fund ongoing and new Phase Ib trials, with aims to generate pivotal data in Nectin-4 and B7-H3–positive tumors over the next several years.

• Success could bolster momentum for targeted radiopharmaceuticals in solid tumor oncology.