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Dive Brief:Aktis Oncology has become the first biotechnology company to file for an initial public offering in several weeks, outlining on Friday a stock issuance to help advance a pipeline of radiopharmaceuticals for cancer.Aktis specializes in what it calls miniprotein radioconjugates, which it believes to be capable of accessing tumor targets that are outside the scope of current radiopharmaceutical technologies, according to the companys IPO prospectus. Its first prospect is currently in early-stage testing and aimed at a protein called Nectin-4 thats expressed by bladder cancers as well as other solid tumors.Aktis has a partnership in place with Eli Lilly and has received investments from multiple large pharmaceutical companies, among them Merck & Co., Novartis and Bristol Myers Squibb. It raised about $346 million in private financing before submitting its IPO paperwork.Dive Insight:2025 has largely been a year to forget for biotech IPOs.Already in the throes of a prolonged slowdown, new biotech stock offerings in 2025 reached their lowest levels in at least seven years. Data compiled by BioPharma Dive show that only 11 drug startups raised about $1.6 billion in IPO proceeds as of Dec. 22. Both numbers are well short of the $3.5 billion secured by two dozen biotechs in 2024 totals that were also far removed from historical norms.Still, there are some signs IPO activity could return in 2026. Most of the biotechs that went public this year currently trade above their offering price and one, Metsera, was acquired in a $10 billion acquisition. Public company stock prices have rebounded over the course of the year amid a spike in M&A deals and alleviated fears over drug pricing and tariff policies. Many companies have reported positive data and been rewarded with higher valuations.An analysis from a team of analysts at RBC Capital Markets found that private financing also jumped 44% in the second half compared to the first six months of the year. Venture funding is often a leading indicator of a healthy biotech ecosystem, the team wrote. We expect the [IPO] window to open in the coming year.Aktis could be the first to test investors appetite in 2026. The startup is one of many in recent years to emerge with plans to make targeted radiation drugs, or radiopharmaceuticals, for cancer. Several of its peers have been acquired, demonstrating large pharmaceutical companies interest in the approach. And Aktis claims its prospects could hold certain advantages over others, as its miniproteins might be easier to produce and able to impact a broader array of targets.The field of radiopharmaceuticals is still in its infancy, as many emerging companies are focused on a pair of proven targets, the company wrote in its IPO filing. Aktis sees a significant opportunity to broaden the cancer patient populations benefiting from the technology.Aktis lead program, AKY-1189, targets the same Nectin-4 protein as Padcev, a bladder cancer drug owned by Pfizer. The company noted how, despite its commercial success, Padcevs impact beyond bladder cancer could be limited by the need to develop a specific type of companion diagnostic for use. Aktis is leaning on its own technology to find the patients most likely to benefit, and sees the potential to address other cancers, such as tumors of the lung and breast. Preliminary study results are expected in 2027, the company said.Aktis has a second drug targeting B7-H3, another well-studied protein involved in tumor growth, in preclinical testing. Its also working with Lilly to generate novel radiopharmaceuticals against other targets, according to its filing. '

Today, a brief rundown of news from Novo Nordisk and Merck & Co., as well as updates from Pfizer, Camp4 Therapeutics and Chai Discovery that you may have missed.Novo Nordisk on Thursday said it filed an application for U.S. approval of CagriSema, its weekly injectable for obesity. Earlier this year, the Danish drugmaker disappointed investors when the drug, a combination of an amylin-targeting medicine and semaglutide, missed the mark in a closely watched late-stage study. Still, its application is based on data from that trial, which found that patients shed an average of 23% of their body weight over 68 weeks, as well as a secondary study. Novo hopes to position CagriSema as a follow-up to the success of Wegovy, and to take the edge off the threat of its competitor Eli Lilly, which recently submitted an application for approval of its oral GLP-1 orforglipron. It would be the first amylin-targeting and GLP-1 combination on the market if approved. Gwendolyn WuCamp4 Therapeutics, an RNA-targeting biotechnology company, has inked a deal with GSK worth as much as $440 million to make medicines for neurodegenerative and kidney diseases. In a Thursday announcement, Camp4 said GSK would hand over $17.5 million in upfront costs, and could pay tiered royalties if any of the programs that emerge from the collaboration are commercialized. The partnership is focused on antisense oligonucleotide drugs that boost gene expression, which could be beneficial in genetic disorders caused by loss of function. Camp4 also announced the pricing of a $30 million public stock offering on Thursday. Gwendolyn WuA San Francisco-based AI drugmaker, Chai Discovery, has raised $130 million in a Series B financing to support its ambitions of speeding up the drugmaking process. The company claims its technology can predict how biochemical molecules interact with one another and find new ways to pursue hard-to-drug targets. Its investor syndicate included Oak HC/FT and General Catalyst, which co-led the round, as well as others such as Thrive Capital, OpenAI and Yosemite. Chai raised its $70 million Series A funding just four months ago. Gwendolyn WuA combination of Merck & Co.s immunotherapy Keytruda and the Pfizer/Astellas antibody-drug conjugate Padcev succeeded in another bladder cancer study, helping people who are otherwise eligible for chemotherapy live longer than those who got chemo, the companies said Wednesday. Trial enrollees had muscle-invasive bladder cancer that hadnt spread outside the bladder, and were undergoing surgery with curative intent. Participants were randomized to receive either Keytruda and Padcev before and after surgery or platinum-based chemo before surgery. Trial investigators then measured event-free survival, overall survival and remission rates. Beyond stating that the Keytruda-Padcev combination had a statistically significant and clinically meaningful benefit on those three measures, the companies didnt release specifics but said they will disclose data at a coming medical meeting. The combination has also improved survival for those who cant receive chemotherapy as well as those whose disease spread beyond the bladder. Jonathan GardnerAdaptive Biotechnologies said Monday it has signed two non-exclusive licenses with Pfizer to use its T cell receptor technology for discovery of potential therapeutic targets in people with rheumatoid arthritis. Under one deal, Adaptive will lead target discovery activities and Pfizer will be responsible for development and commercialization of any drugs that emerge from the research. Adaptive said the deal includes an unspecified upfront payment and will be eligible for additional payments based on achievement of specific data delivery, development, regulatory and commercial goals, all worth a potential total of $890 million. The second agreement will give Pfizer access to Adaptives T cell receptor-antigen dataset to accelerate its own research and drug discovery. That deal involves an unstated upfront payment and annual licensing fees. Jonathan Gardner '