Radiopharmaceutical specialist Aktis seeks an IPO

Industry Overview - The biotech IPO market in 2025 has experienced a significant downturn, with only 11 drug startups raising approximately $1.6 billion in IPO proceeds as of December 22, marking the lowest levels in at least seven years [3] - This performance is notably below the $3.5 billion raised by two dozen biotechs in 2024, indicating a continued decline from historical norms [3] Future Outlook - There are indications that IPO activity may rebound in 2026, as many biotechs that went public in 2025 are currently trading above their offering prices [4] - The acquisition of Metsera for $10 billion highlights renewed interest in biotech, alongside a rebound in public company stock prices due to increased M&A activity and improved sentiment regarding drug pricing and tariff policies [4] Private Financing Trends - An analysis from RBC Capital Markets revealed a 44% increase in private financing in the second half of 2025 compared to the first half, suggesting a healthier biotech ecosystem [5] - The firm anticipates that the IPO window will open in the coming year, with Aktis Oncology positioned to be the first to test investor appetite in 2026 [5] Aktis Oncology - Aktis Oncology has filed for an initial public offering, aiming to advance its pipeline of radiopharmaceuticals for cancer [6] - The company specializes in "miniprotein radioconjugates," which are designed to target tumor sites that current technologies cannot access [6] - Aktis has established partnerships with major pharmaceutical companies, including Eli Lilly, Merck & Co., Novartis, and Bristol Myers Squibb, and raised about $346 million in private financing prior to its IPO filing [6]