Reuters: IPOX® Analyst Lukas Muehlbauer on Bicara Therapeutics’ IPO Debut
In a recent Reuters article, IPOX® Research Analyst Dr. Lukas Muehlbauer highlighted the strong institutional and retail demand for Bicara Therapeutics' (BCAX.O) IPO, noting that the company’s decision to upsize its offering twice and price at the high end reflects growing confidence in its lead anti-cancer asset. Bicara, a TPG-backed cancer therapy developer, saw its shares surge nearly 46% on debut, giving it a market value of $1.29 billion. The company raised $315 million by selling 17.5 million shares, after increasing the size of its offering due to high investor interest.
Bicara’s lead drug, ficerafusp alfa, is currently in early-stage trials in the U.S. to treat head and neck cancer in combination with Merck's Keytruda, further boosting investor confidence. The company’s strong IPO performance is a positive signal for the biotech sector, which has faced challenges with recent entrants.
Backed by key investors including TPG, Biocon, and RA Capital, Bicara’s IPO success contrasts with some other biotech companies, such as Alumis and Artiva Biotherapeutics, whose shares have struggled post-listing. Bicara plans to use the IPO proceeds, along with existing cash, to fund operations through the first half of 2029. Morgan Stanley, TD Cowen, Stifel, and Cantor Fitzgerald underwrote the offering.
