A Quiet Market, Then a Loud Biotech IPO

Aktis Oncology’s 2026 IPO, anchored by Eli Lilly, signals renewed faith in precision radiopharmaceutical platforms and a cautious reopening of biotech public markets

12 Jan 2026

The US biotech market has seen a rare reopening with the public listing of Aktis Oncology, an offering that has revived debate over access to capital markets and highlighted growing investor interest in precision cancer therapies.

Aktis raised about $318mn in an upsized initial public offering, making it one of the largest biotech flotations in several years and the first widely recognised IPO of 2026. The deal comes after a prolonged slowdown in new listings, as investors pulled back from early-stage risk following higher interest rates and uneven clinical results across the sector.

Market participants said the transaction stood out less for its valuation than for its profile. Investors have shown renewed willingness to back companies with defined technology platforms, clearer development timelines and support from established pharmaceutical groups.

A central factor was Eli Lilly’s roughly $100mn investment as an anchor investor. The stake deepened an existing collaboration and reflects Lilly’s broader interest in precision oncology, an area where large drugmakers are seeking treatments that improve efficacy while limiting side effects.

Aktis is developing radiopharmaceutical therapies that use radioactive isotopes to target tumours directly, aiming to minimise damage to healthy tissue. The approach focuses on delivery rather than higher dosing, aligning with a wider industry shift towards more selective cancer treatments.

The IPO has been interpreted by some as evidence of a broader reset in biotech funding. Public market investors are becoming more selective, favouring companies that combine scientific innovation with measurable clinical progress and potential commercial impact. As one biotech analyst told Reuters, “deals like this suggest investors are again willing to fund growth stories when technologies address clear medical and market needs”.

Risks remain significant. Radiopharmaceuticals are costly to develop, require complex manufacturing and face close regulatory oversight. As a newly listed company, Aktis will be under pressure to convert its platform into clinical results.

Even so, the deal suggests public markets may be reopening for differentiated oncology companies. With interest in radiopharmaceuticals rising, further listings could follow, reshaping competition and investment priorities across the biotech sector.