Actis Oncology is expected to release initial clinical data for its Nectin-4 program as early as the first quarter of the upcoming year.

The radiotherapy sector has seen $15 billion in M&A and deal-making in the last few years, with major pharmaceutical companies like Bristol, Novartis, Bayer, and Lilly actively seeking assets.

Actis Oncology's recent $300 million IPO was 18 times oversubscribed and was backstopped by a $100 million order from Eli Lilly.

EcoR1 Capital estimates Actis Oncology could be worth $10 billion, or $200 per share, if even one of its programs successfully makes it to market.

EcoR1 Capital has annualized returns at 20% since its inception and currently manages about $2.5 billion.

Actis Oncology's lead programs target Nectin-4 for bladder cancer and B7H3 for major solid tumors like prostate, colorectal, and lung cancer.

The radioisotope actinium, used by Actis Oncology, is a byproduct of US nuclear programs and is not available in countries like China, creating a competitive moat.