Aktis Oncology, a Boston-based radiopharmaceutical biotech, became the first major biotech IPO of 2026, positioned as a bellwether for the sector’s new-issue market.135
The company initially targeted proceeds of about $182 million, with a potential upsized deal to around $210 million based on a $16–$18 price range and underwriters’ option.12
Strong demand led Aktis to upsize the IPO by about 50%, ultimately selling 17.65 million shares at $18, the top of the range, to raise roughly $317.7–$318 million.356
At the IPO price, Aktis’ market capitalization was about $945 million, underscoring robust investor appetite relative to earlier expectations.36
The first-day trading move referenced as a ~25% IPO bounce reflects the stock opening/trading materially above the $18 offer price, signaling strong aftermarket demand; this is consistent with the deal’s oversizing and top-of-range pricing, though exact intraday percentage moves are not detailed in the cited sources.35
Eli Lilly, already in a research collaboration with Aktis worth up to $1.1 billion, indicated interest in buying $100 million of IPO shares, a key factor that boosted confidence and helped support the upsized deal.23
Aktis plans to use $140–150 million of IPO proceeds to fund a Phase 1b trial of its lead candidate Ac‑AKY‑1189 targeting Nectin‑4–expressing tumors, with preliminary data expected in Q1 2027.125
Another $70–80 million is earmarked to launch and advance a Phase 1b study of Ac‑AKY‑2519 for B7‑H3–expressing solid tumors, including prostate, lung, and breast cancers.12
Aktis’ pipeline uses alpha‑emitting radiopharmaceuticals (Actinium‑225) and “miniprotein” targeting molecules intended to deliver highly localized radiation to tumors while sparing healthy tissue.125
The IPO follows a late‑2025 thaw in biotech offerings, including LB Pharmaceuticals, MapLight Therapeutics, and Evommune, and is cited by commentators as evidence that the biotech IPO window may be reopening in 2026.125
Industry coverage highlights Aktis’ deal as one of the largest biotech IPOs since 2024, and its strong pricing and bounce are being interpreted as a positive signal for the 2026 IPO pipeline, especially for late‑preclinical and early‑clinical oncology companies.125
Before going public, Aktis had already raised about $346 million in private funding and attracted backing from major investors including Eli Lilly, Bristol Myers Squibb, and Merck’s MRL Ventures Fund, reinforcing institutional confidence in its platform.125
Sources:
1. https://www.fiercebiotech.com/biotech/aktis-oncology-aims-209m-windfall-1st-biotech-ipo-2026
2. https://www.pharmaceutical-technology.com/news/aktis-oncology-kicks-2026-ipo-cycle-off-with-210m-target/
3. https://www.iposcoop.com/the-ipo-buzz-aktis-oncology-akts-prices-ipo-at-18-top-of-range-1st-big-ipo-of-2026/
5. https://www.biopharmadive.com/news/aktis-biotech-ipo-radiopharmaceutical-cancer/809066/
6. https://www.ibj.com/articles/eli-lilly-set-to-back-aktis-oncologys-upsized-318m-ipo