TPG-backed Bicara Therapeutics raises $315 million in US IPO

(Reuters) -Bicara Therapeutics raised $315 million in its initial public offering in the United States, the TPG-backed cancer therapy developer said on Thursday.

The company priced its offering of 17.5 million shares at $18 apiece, at the high-end of its targeted range of $16 to $18 each. The IPO values Bicara at $881.4 million.

Bicara is among several drug developers that will test investor appetite with their IPOs in the coming weeks.

The company had initially planned on selling about 11.8 million shares, but Bicara upsized the offering to 14.7 million shares on Wednesday.

Bicara's lead drug, ficerafusp alfa, is currently in an early-stage study in the U.S. to treat a type of head and neck cancer in combination with Merck's Keytruda.

The company plans to use part of the IPO proceeds to fund its mid-to-late stage study, which is expected to start later this year or early 2025.

Before going for its IPO, Bicara had raised $353 million in the private market, including $165 million in its last funding round co-led by alternative asset manager TPG and investment firm Braidwell.

The company is also backed by Indian drugmaker Biocon and investment manager RA Capital.

Bicara's shares are expected to start trading on the Nasdaq Global Market on Sept. 13 under the ticker symbol "BCAX".

Morgan Stanley, TD Cowen, Stifel and Cantor Fitzgerald are the underwriters for the offering.

(Reporting by Gnaneshwar Rajan and Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo and Alan Barona)