Aktis Oncology plans an upsized U.S. IPO, with Eli Lilly as a $100M anchor investor

What happened

Aktis Oncology is trying to price the first major U.S. IPO of 2026 with a bigger deal size than initially planned, and Eli Lilly stepping in as a major anchor investor. That combination is being read as a “biotech window might be reopening” signal.

Winners

IPO Gatekeepers

A larger IPO means bigger underwriting fees, more biotech deal flow optimism, and more trading activity for IPO venues if the window stays open.

Names: $JPM (JPMorgan Chase), $BAC (Bank of America), $TD (Toronto-Dominion Bank), $NDAQ (Nasdaq)

Radiopharma / Nuclear Medicine

If investors reward a radiopharma IPO with demand, it can lift sentiment and flows into public radiopharma and theranostics names. ...