Aktis Oncology priced an upsized initial public offering that raised about $318 million, marking the first biotech IPO of 2026. The Boston-based radiopharmaceutical developer will trade on Nasdaq under ticker AKTS and plans to fund two clinical programs including Ac-AKY-1189 (Nectin-4) and Ac-AKY-2519 (B7-H3). The company also disclosed a strategic purchase by Eli Lilly that supported the upsized round. Aktis said proceeds will back ongoing phase 1b studies and expand discovery efforts for its miniprotein radioconjugate platform. Management emphasized imaging-led patient selection to broaden indications beyond urothelial cancers. Investors and industry observers view the successful pricing and early aftermarket performance as an early signal that public markets may reopen to select biopharma issuers in 2026. Radiopharmaceuticals have attracted Big Pharma partnerships in recent years; Aktis’ ties with Lilly and its $318M haul position the company to read out early clinical signals and scale manufacturing capability ahead of planned patient-enriched trials.