Aktis Biotech secures $175M Series B with Big Pharma support

Aktis Oncology, a promising biotech firm specializing in radiopharmaceuticals, has recently completed a significant financial milestone by closing a $175 million Series B funding round. This round saw renewed interest from major pharmaceutical companies, including Eli Lilly, which had previously invested $60 million in the spring, as well as Bristol Myers Squibb and Merck & Co.'s MRL Ventures Fund. The round was spearheaded by RA Capital Management, RTW Investments, and Janus Henderson Investors. Additional new investors such as Avidity Partners and an unnamed life sciences-focused investment fund also contributed.

The funds will be used to bolster Aktis Oncology’s innovative approach to cancer treatment, which involves using miniprotein alpha radioconjugates to target and destroy cancer cells. This technique aims to deliver alpha emitters directly to malignant cells, potentially eradicating tumors while minimizing damage to healthy tissue. This method sets itself apart from traditional beta-emitting drugs like Novartis' Pluvicto and Lutathera, which have already made significant impacts on the radiopharmaceutical field. However, Aktis sees alpha emitters as a more potent and promising direction for future treatments.

RA Capital Management's Partner and Managing Director, Andrew Levin, M.D., Ph.D., will be joining Aktis’ board of directors. Additionally, RTW’s Lauren Lee, Ph.D., and Janus Henderson’s Vish Sridharan, M.D., will join the board as observers. This organizational strengthening is expected to provide strategic guidance as the company progresses.

Aktis’ CEO, Matthew Roden, Ph.D., expressed gratitude for the overwhelming support from high-caliber investors, highlighting the progress made in the company’s pipeline, platform, and supply chain capabilities. He specifically pointed out the significant potential of AKY-1189, a first-in-class miniprotein alpha radioconjugate targeting Nectin-4, which is in development for the treatment of various tumor types. Roden emphasized that with over $300 million in cash reserves, the company is well-positioned to explore multiple opportunities to extend the benefits of this innovative treatment modality to new patient populations.

The company's strategy has garnered significant attention from major pharmaceutical companies, largely due to the promising nature of its platform. Aktis Oncology aims to deliver alpha emitters to cancer cells with high precision, potentially offering a more effective and less harmful treatment option compared to existing therapies. This promising approach has attracted the interest and financial backing of industry giants.

In May, Eli Lilly deepened its involvement with Aktis by providing an upfront payment of $60 million to collaborate on the development of therapeutic and diagnostic products targeting multiple medical needs. Despite this partnership, Aktis has retained control over its lead asset, a nectin-4-targeting agent, which is already undergoing clinical trials.

The recent $175 million Series B funding round, combined with the previous investments, signifies a robust financial foundation for Aktis Oncology. This influx of capital is expected to accelerate the development and potential commercialization of its cutting-edge cancer treatments. As the company continues to innovate and expand its capabilities, it remains focused on delivering transformative therapies that could significantly improve outcomes for cancer patients.