Aktis Oncology, a Boston-based biotech company, has raised $175 million in a Series B funding round. The company focuses on developing radiopharmaceutical drugs that target and treat solid tumors, including bladder cancer. RA Capital Management led the funding, with RTW Investments and Janus Henderson Investors as co-leads.
Existing investors, such as Bristol Myers Squibb, participated through its MRL Ventures Fund. Aktis Oncology’s radiopharmaceutical drugs utilize the radioisotope actinium-225 to deliver high-precision treatment directly to tumors using alpha particle-emitting radio conjugates. This targeted approach has made the field attractive for investment.
With the new funding, Aktis has over $300 million in cash to test its alpha radiopharmaceuticals further. The company plans to share data on its research progress at an upcoming conference in Barcelona next month.
Aktis secures funding for radiopharma
Investors have shown increased interest in the radiopharmacy field, inspired by Novartis’s success with radiopharmacy drugs. However, developing these treatments is challenging due to the need for specific infrastructure and supply chains to ensure treatments are administered while the radioisotopes remain effective. Despite the high barriers to entry, large and small biotech companies continue to invest in radiopharmacy.
Bristol Myers recently agreed to invest in RayzeBio, while Eli Lilly acquired Point Biopharma and partnered with Aktis to develop radiopharma drugs. AstraZeneca also completed a deal to acquire another radiopharma company for $2.4 billion. As part of the new funding, RA Capital Management managing director Andrew Levin will join Aktis’ board of directors.
Lauren Lee of RTW Investments and Vish Sridharan of Janus Henderson Investors will become board observers. Aktis Oncology’s successful funding round indicates growing confidence in radiopharma as a promising avenue for oncological treatments.
