Radiopharma-focused Aktis Oncology Inc. priced its recently upsized IPO, selling 17.65 million shares at $18 apiece, the high end of its pricing range, raising gross proceeds of $318 million, a hopeful sign that 2026 might signal an opening of the IPO window for biopharma. Shares (NASDAQ:AKTS) also jumped at the start of trading, opening at about $27 per share and trading at about $23 at midday. Founded in 2019 by a trio of MPM Capital executives – Brian Goodman, Patrick Baeuerle and Todd Foley – and incubated within the venture capital fund, Cambridge, Mass.-based Aktis raised a $72 million series A in early 2021, adding a series A extension financing of $84 million in August 2022. But the firm really gained attention two years later when Eli Lilly and Co. tapped Aktis and its miniprotein discovery platform in a potential $1.1 billion collaboration to generate tumor-targeting radiopharmaceuticals.
Ollin’s VEGF/Ang2 eye prospect positive in phase Ib against Vabysmo
Ollin Biosciences Inc. disclosed favorable top-line results from its randomized, head-to-head phase Ib Jade study comparing OLN-324, a next-generation VEGF/Ang2 bispecific antibody, to similarly targeted Vabysmo (faricimab, Roche AG) in more than 160 patients with diabetic macular edema (DME) or wet age-related macular degeneration (AMD). OLN-324 turned up faster and greater retinal drying vs. Vabysmo in DME, with OLN-324 4 mg-treated patients showing mean improvements about 75% greater than Vabysmo at the first week (-79 µm vs. -45 µm mean change in central subfield thickness [CST], respectively), and about 50% greater at week 12 (-180 µm vs. -121 µm), measured using optical coherence tomography. Almost 90% of subjects achieved absence of DME at week 12, defined as CST <325 µm, compared to 57% of Vabysmo patients. Austin, Texas-based Ollin said results in AMD were encouraging, too.
Tecregen raises seed round to progress thymus-restoring biologics
Newco Tecregen AG has raised CHF10 million (US$12.5 million) to advance a novel way of regenerating the thymus in order to boost T-cell production and stimulate recovery of the immune system following stem cell transplants and chemo- and radiotherapy. The company says its platform technology is designed to engineer the ligands of growth factors to make them specific for receptor binding sites on thymic epithelial cells, which are responsible for initiating natural regeneration of the thymus in response to injury. That is intended to avoid off-target effects seen in earlier attempts to promote endogenous thymus regeneration using growth factors including interleukin-22, bone morphogenic factor 4 and keratinocyte growth factor, which have broad-spectrum effects.
December caps mixed 2025 for biopharma funding
Total biopharma financing values have fluctuated significantly over the past seven years, peaking during the pandemic-era surge in 2020 and 2021 before retreating in 2022. After rebounding to more than $102 billion in 2024, total financings declined in 2025 to $81.21 billion. Four biopharma companies went public in December, all based in Asia, raising a combined $282.92 million. Bao Pharmaceuticals Co. Ltd. completed the largest biopharma IPO of the month, pricing its offering at HK$26.38 per share on Dec. 2 to raise about HK$1 billion (US$128 million).
Hisamitsu to go private with $2.5B management buyout
Hisamitsu Pharmaceutical Co. Inc. President and CEO Kazuhide Nakatomi is leading a management buyout (MBO) to take the company private, citing mounting drug pricing pressures and tougher listing requirements on the Tokyo Stock Exchange. Under the MBO implementation scheme announced Jan. 6, Taiyo Kosan Co. Inc., a Kurume, Japan-based asset management service company controlled by Nakatomi, will acquire about 64.68 million Hisamitsu shares at ¥6,082 (US$38.64) per share, valuing the transaction at about ¥393.38 billion (US$2.5 billion).
Refining, like reducing and replacing, can improve animal research
The concept of the 3 Rs – reducing, refining and replacing animal research – has been championed since the 1950s, when William Russel and Rex Burch argued in their book “The Principles of Humane Experimental Technique” that the 3 Rs could simultaneously improve the treatment of research animals and advance the quality of scientific and medical research and testing. Current standard practices of animal research undeniably cause animal suffering at the same time that they have prioritized replicability over translatability. As the changes championed by the current leadership of the NIH and Department of Health and Human Services go, in fact, the idea to promote alternatives to animal research is an unusual one for the current administration – it is scientifically sound and would reduce suffering.
BioWorld 2025 Year in Review
BioWorld looks back at the year’s biggest news. Find all of our 2025 Year in Review articles here.
Also in the news
32 Biosciences, 858, Acertis, Agomab, Alida, Alumis, Alveus, Anavex, Anika, Annexon, Antag, Arbele, Aronora, Arrowhead, Astrazeneca, Bayer, Beacon, Biovaxys, Boehringer Ingelheim, Bostongene, Bright Minds, Century, Complement, Coya, Daiichi, Dexcel, Diagonal, Eleva, Enara, Engitix, Enliven, Enodia, Enterobiotix, Epibiologics, Epicrispr, Epirium, Eupraxia, Flagship, Foresee, Genelux, Glycoera, Gordian, Halozyme, IBSA, Imbria, Intent, Invea, Invivyd, Jasper, Johnson & Johnson, Kahr, Lexeo, Moonlake, Nxera, Onco3r, Orexo, Organon, Ottimo, Parabilis, Pfizer, Phathom, Plus, Primevera, Psilera, Rakovina, Renovorx, Reviva, Revolution, RVL, Santhera, Sobi, Soufflé, Spruce, Storm, Sustained, Takeda, Tango, Tubulis, Turn, Tvardi, Vanda, Variational, Vectory, Viatris, Virometix, Xilio
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