Jan 7 (Reuters) - Cancer drug developer Aktis Oncology said on Wednesday it was targeting a valuation of up to $945.4 million in its upsized initial public offering, signaling strong investor demand for
2026's first U.S. listing.
The Boston, Massachusetts-based company has also drawn in Eli Lilly to anchor the IPO, with the pharma giant indicating interest in buying about $100 million worth of shares from the offering.
Wall Street is expecting biotech IPOs to rebound in 2026 after sweeping changes at the U.S. health regulator and funding cuts by the Trump administration hindered listings from the sector last year.
Lilly's move builds on its partnership with Aktis, struck in 2024, to develop tumor-targeting radiopharmaceuticals. As part of that deal, Aktis had got a $60 million upfront cash payment along with an equity investment from Lilly.
Aktis, co-founded in August 2020 by biotech investor Todd Foley, is developing treatments for a broad range of solid tumors.
Its lead candidate, AKY-1189, is in an early-stage study to treat certain solid tumors, including a form of advanced bladder cancer, breast cancer and colorectal cancer. Preliminary data from the trial is expected in the first quarter of 2027.
The company is now aiming to raise as much as $317.7 million by offering nearly 17.7 million shares priced between $16 and $18 apiece. Aktis had initially planned on selling roughly 11.8 million shares.
Aktis Oncology will list on the Nasdaq under the trading symbol “AKTS.”
J.P. Morgan, BofA Securities, Leerink Partners and TD Cowen are the underwriters for the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sahal Muhammed)
