Radiopharmaceutical firm Aktis Oncology raises $175M in Series B financing

Aktis Oncology has raised $175 million in new capital, the Boston-based radiopharmaceutical firm announced Monday. 

RA Capital Management led the Series B funding round alongside RTW Investments and Janus Henderson Investors. The clinical stage biotechnology company is working to develop new target radiopharmaceuticals to treat a range of solid tumors. It also has attracted strategic investments from the pharma industry including Bristol Myers Squibb, Eli Lilly and Merck & Co.

Leaders said they will use the money to further advance Aktis Oncology’s development of new therapies.  

"The overwhelming support from high caliber investors underscores the progress we have made on our pipeline, platform and supply chain capabilities, exemplified by the significant opportunity for AKY-1189, our first-in-class mini-protein alpha radioconjugate targeting Nectin-4 in development for several tumor types," Matthew Roden, PhD, president and CEO of Aktis Oncology, said in a Sept. 30 announcement. "With over $300 million in cash, we are well-positioned to prosecute several opportunities to expand the benefit of this exciting modality into new patient populations."

In conjunction with the financing, Andrew Levin, MD, PhD, partner and managing director at RA Capital, will join the Aktis Oncology Board of Directors. In May Aktis also inked a deal worth over $1 billion to develop new radiopharmaceuticals in collaboration with Eli Lilly. Under terms of the agreement, Lilly will pay $60 million in cash upfront alongside an equity investment in the company. Aktis will be eligible to receive an additional $1.1 billion in royalties and other payments for hitting certain clinical, regulatory and commercial milestones. 

"Aktis has leveraged its unique technology platform, experienced team, robust supply chain and radiopharmaceutical development capabilities to generate a promising and differentiated pipeline of next-generation radiopharmaceuticals," Levin said in the announcement. "We are pleased to support Aktis through the next stage of its growth as it seeks to bring new options to patients with cancer."

Several new investors also joined the financing round, including accounts advised by T. Rowe Price Associates, Avidity Partners and an undisclosed life sciences-focused fund. Aktis also has plans to present three abstracts at the upcoming EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics in Barcelona, Spain, Oct. 23-25.