SNAPSHOT

Aktis starts 2026 with a bang and a $318M IPO backed by Eli Lilly

Boston-based Aktis Oncology raised $318M in the year’s first biotech IPO, with Eli Lilly buying a third of the shares.

Why it matters: This is one of the biggest biotech IPOs in two years, signaling investor confidence in radiopharmaceuticals, a fast-growing field in cancer treatment.

Backstory: Before going public, Aktis secured $346M in private funding from major biotech investors. Its IPO was upsized due to strong interest, especially from Eli Lilly, a current partner.

Big picture: Radiopharma is gaining momentum. Pharma giants like Lilly, Novartis, and BMS are racing to invest in the next wave of targeted cancer therapies.

Zoom in: Aktis sold 17.65M shares at $18 each. Eli Lilly bought $100M worth. Lead drug AKY-1189 targets Nectin-4, like Pfizer’s Padcev. The second candidate, AKY-2519, targets hard-to-treat B7-H3 tumors. Phase 1 data on AKY-1189 is expected in Q1 2027.

What’s next: The broader IPO market for biotech remains sluggish, but Aktis' IPO is the third largest in the sector since the beginning of 2024 (behind Kyverna Therapeutics and CG Oncology). Early clinical data and expanded research with Lilly could shape its pipeline and valuation.

SNIPPETS

What’s happening in biotech today?

🧬 Degrader debut: Enodia Therapeutics, a Paris-based biotech start-up, has raised €20.7M in seed funding to advance its early-stage pipeline focused on targeted protein degradation. The funding will accelerate development of Enodia’s lead program, which targets the Sec61 translocon to block harmful protein secretion at an early stage, with a preclinical candidate expected within a year. Enodia's proprietary platform combines machine learning and proteomics to design selective small-molecule therapies for inflammatory and autoimmune diseases, entering a competitive and rapidly growing field.

🤝 Partner of choice: Roche has expanded its partnership with MediLink Therapeutics through a licensing deal for YL201, an antibody-drug conjugate (ADC) targeting the B7-H3 immune checkpoint protein, with potential near-term payments totaling $570M. Developed using MediLink’s platform, YL201 is currently in phase 2 trials in China for small-cell lung cancer and nasopharyngeal carcinoma, showing promising early efficacy. The deal grants Roche rights outside China and includes additional development, regulatory, and commercial milestone payments, plus tiered royalties on net sales. This follows a 2024 collaboration on another ADC, YL211, and strengthens Roche’s focus on innovative oncology treatments.

💵 COPD cash: AirNexis Therapeutics has launched with $200M in Series A funding and a global licensing deal for a clinical-stage chronic obstructive pulmonary disease (COPD) treatment from China's Haisco Pharmaceutical Group. The California-based biotech, founded by Frazier Life Sciences, secured exclusive rights outside China to Haisco’s dual PDE3/4 inhibitor, now named AN01, for an upfront payment of $40M. Haisco retains a 19.9% equity stake in the company and is eligible for up to $955M in milestone payments and royalties. AN01, currently in phase 2 trials, aims to improve airway expansion and reduce inflammation through two inhaled formulations.

👁️ Retina ringer: Ollin Biosciences’ bispecific antibody OLN324 has outperformed Genentech’s Vabysmo (faricimab) in an early-phase trial for diabetic macular edema (DME), showing faster and greater retinal drying and a higher rate of disease clearance by Week 12. In the Phase 1b study involving over 160 patients with DME or wet age-related macular degeneration (wAMD), nearly 90% of DME patients receiving 4 mg of OLN324 achieved disease absence compared to 57% on faricimab. OLN324 also demonstrated a favorable safety profile with no intraocular inflammation or retinal vasculitis. With these results, Ollin plans to initiate global phase 3 trials in 2026.

🧪 MASH mashup: Madrigal Pharmaceuticals has acquired Pfizer’s DGAT2 inhibitor, ervogastat, for $50M, aiming to combine it with its FDA-approved MASH drug Rezdiffra to enhance treatment efficacy. Rezdiffra, a THR-beta agonist and the first approved therapy for metabolic dysfunction-associated steatohepatitis (MASH), generated over $1B in projected 2025 sales. Ervogastat, which reduces liver fat by inhibiting triglyceride synthesis, showed promising phase 2 results, with significant reductions in liver fat. Madrigal plans a drug interaction study and FDA consultations this year to prepare for a phase 2 combination trial. The deal also includes rights to two undisclosed early-stage MASH assets from Pfizer.

SNAP AGAIN

Aurora´s bold plan to scale gene editing for rare diseases

Aurora Therapeutics, co-founded by CRISPR pioneer Jennifer Doudna, is leveraging a new FDA pathway to develop multiple gene editing therapies for rare disorders, starting with phenylketonuria (PKU).

Why it matters: The new FDA “plausible mechanism” pathway now allows mutation-based adjustments to approved therapies, offering a scalable model for gene editing firms. Inspired by a 2025 case where a CRISPR-based treatment saved a baby, this could transform how genetic diseases are treated, replacing one-off custom treatments with a scalable system that adapts therapies to individual mutations.

Backstory: Advances in CRISPR and sequencing have made pinpointing and correcting mutations faster, but high costs and tiny patient populations have limited commercial viability. The FDA's new pathway offers a shortcut for modifying and expanding approved treatments.

Big picture: If Aurora’s model works, it could pave the way for sustainable development of ultra-personalized therapies across a broad range of rare diseases.

Zoom in: Aurora raised $16M in seed funding from Menlo Ventures. Led by biotech veteran Ed Kaye, its first therapeutic target, phenylketonuria, is caused by mutations in the PAH gene.

What’s next: Aurora will begin development of its PKU therapies, aiming to validate the “plausible mechanism” approach with the FDA and eventually expand to other rare conditions.

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• 🇩🇪 Heidelberg, 4 February 2026- Life, the biomedical convention

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