Bicara Therapeutics, a Phase 1 biotech developing a bifunctional antibody to target solid tumors, raised $315 million by offering 17.5 million shares at $18, the high end of the $16 to $18 range. The company originally filed to raise $200 million, before it increased the proposed share offering on Wednesday ($250mm), and upsized again at pricing. The offering raised 58% more proceeds than originally anticipated
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). Ficerafusp alfa is initially being developed in 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.
The Boston, MA-based company plans to list on the Nasdaq under the symbol BCAX. Morgan Stanley, TD Cowen, Cantor Fitzgerald, and Stifel acted as joint bookrunners on the deal.
