Rakuten Medical pushes light-based cancer therapy toward U.S. market by 2028

Rakuten Medical, the biotech arm of Japan’s Rakuten group, is channeling roughly 95% of its capital into the United States to commercialise its photoimmunotherapy technology. The approach, which uses a light-activated dye attached to the drug Akalux to target cancer cells, is currently in Phase 3 trials for a range of solid tumours and is slated for an FDA submission in 2028. Founder Minami Maeda describes the method as a “lightsaber” that could eventually sit alongside surgery, radiation, chemotherapy and immunotherapy.

To overcome physician hesitation, the company installs its Alluminox platform at hospitals at no cost and bills only for each treatment session, mirroring a razor-blade business model. While the Japanese division is profitable, the global operation runs at a loss due to heavy R&D spending. In the near term, Rakuten Medical plans to expand into Taiwan, Macau, Singapore, Hong Kong, Saudi Arabia and other Southeast Asian markets, using early cases in Macau to build data for future entry into the Greater Bay Area and mainland China.