Aktis Oncology $318 million IPO

Davis Polk is advising the joint book-running managers in connection with the $318 million initial public offering of 17,650,000 shares of common stock of Aktis Oncology, Inc. The underwriters have a 30-day option to purchase up to an additional 2,647,500 shares of common stock from Aktis Oncology. The common stock is listed on the Nasdaq Global Select Market under the symbol “AKTS.” This is the first biotech IPO of 2026.

Aktis Oncology, Inc. is a clinical-stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations, including those not addressed by existing platform technologies. Aktis’ most advanced pipeline program targets Nectin-4, a miniprotein radioconjugate with multi-indication potential across multiple tumor types. Founded and incubated by MPM BioImpact, Aktis has developed its proprietary miniprotein radioconjugate platform to selectively deliver the tumor-killing properties of radioisotopes to targeted tumors. Designed to maximize tumor killing through high penetration followed by internalization and retention in cancer cells, Aktis’ miniprotein radioconjugates are designed to quickly clear from normal organs and tissues, thereby maximizing anticancer activity while minimizing side effects of treatment. The Aktis platform is isotope-agnostic and further enables clinicians to visualize and verify target engagement with imaging isotopes prior to exposure to therapeutic radioisotopes. Aktis also has a strategic collaboration with Eli Lilly and Company to leverage its miniprotein platform to develop novel radioconjugates outside of Aktis’ proprietary pipeline.

The Davis Polk capital markets team includes partners Deanna L. Kirkpatrick and Yasin Keshvargar, counsel Steven Glendon and associate Sakiko Nishida. Partner Michael Mollerus and associate Alanna Phillips are providing tax advice. Partner David R. Bauer and associates Gabrielle Mazero and Anne Kim are providing intellectual property advice. Counsel Marcie A. Goldstein is providing FINRA advice. All members of the Davis Polk team are based in the New York office.