Bicara Therapeutics Opens Above IPO Price, Upsized IPO Priced at $18
Shares of Bicara Therapeutics Open at $26.25
Bicara Therapeutics, Inc. (BCRA), a clinical-stage biotechnology, opened at $26.25 per share, above its initial pricing of $18 per share on Thursday, July 21. The company offered 8.5 million shares in its initial public offering (IPO) raising approximately $153 million, after increasing the offering size from 7.5 million shares.
Upsized IPO Priced at $18
The IPO was priced at $18 per share, above the expected range of $16 to $18. The company had originally planned to offer 7.5 million shares but increased the offering size to 8.5 million shares due to strong demand. The overallotment option was exercised in full, allowing the underwriters to purchase an additional 1.275 million shares.
Strong Demand for Bicara's Shares
The strong demand for Bicara's shares is likely due to the company's promising pipeline of cancer treatments. The company's lead product candidate, BCRA-HH1, is a monoclonal antibody that targets the B-cell surface protein CD20. The FDA has granted BCRA-HH1 Breakthrough Therapy Designation for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL).
Bicara Therapeutics Raises $153 Million
The IPO raised approximately $153 million for Bicara Therapeutics. The company plans to use the proceeds from the IPO to fund the development of its pipeline of cancer treatments, including BCRA-HH1 and BCR2.
Bicara Therapeutics Pipeline
In addition to BCRA-HH1, Bicara Therapeutics is also developing BCR2, a next-generation CD20-targeting antibody, and BCRA-BL1, a CD37-targeting antibody. The company is also developing a CAR-T cell therapy program.
Conclusion
The successful IPO of Bicara Therapeutics is a sign of the strong investor interest in the company's promising pipeline of cancer treatments. The company's shares opened at $26.25, above the IPO price of $18, indicating strong demand for the company's shares. Bicara Therapeutics raised approximately $153 million in the IPO, which it plans to use to fund the development of its pipeline of cancer treatments.
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