Bicara Therapeutics, a Phase 1 biotech developing a bifunctional antibody to target solid tumors, raised the proposed deal size for its upcoming IPO on Wednesday.
The Boston, MA-based company now plans to raise $250 million by offering 14.7 million shares at a price range of $16 to $18. The company had previously filed to offer 11.8 million shares at the same range. At the revised deal size, Bicara Therapeutics will raise 25% more in proceeds than previously anticipated and command a fully diluted market value of $914.6 million.
Bicara Therapeutics' lead candidate, ficerafusp alfa, is a bifunctional antibody that combines two clinically validated targets, an epidermal growth factor receptor (EGFR)-directed monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-b). Through this dual-targeting mechanism, the company believes ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-b signaling within the tumor microenvironment. Ficerafusp alfa is initially being developed in recurrent/metastatic (R/M) head and neck squamous cell carcinoma (HNSCC). The company is conducting an ongoing Phase 1/1b trial in the US in combination with pembrolizumab. It plans to initiate a pivotal Phase 2/3 trial late in the 4Q24 or early in the 1Q25.
Bicara Therapeutics was founded in 2019 and plans to list on the Nasdaq under the symbol BCAX. Morgan Stanley, TD Cowen, Cantor Fitzgerald, and Stifel are the joint bookrunners on the deal.
