Aktis Oncology completed a $318 million Nasdaq initial public offering, marking biotech’s first IPO of 2026. The Boston-based radiopharmaceutical developer priced 17.65 million shares at $18 apiece and upsized the offering after Eli Lilly bought roughly $100 million of the float. Aktis will trade under the symbol AKTS and reported $318 million in gross proceeds to advance its miniprotein radioconjugates. Aktis is advancing AKY-1189, a miniprotein radioconjugate targeting Nectin-4, with Phase 1 data expected in Q1 2027, and AKY-2519 aimed at B7-H3–expressing tumors. The IPO underscores renewed investor appetite for radiopharma, a modality that large pharmas like Lilly and Novartis have supported following commercial success from agents such as Pluvicto and Lutathera. The Lilly anchor investment and Aktis’ upsized offering highlight the role of strategic pharma support in reviving public-market interest for capital-intensive oncology specialty platforms.