TPG-backed Bicara Therapeutics shares surge 46% in stellar market debut (updated)

Bicara Therapeutics

13/09/2024 18:22

(Adds more details and background throughout)
       Sept 13 (Reuters) - Shares of Bicara Therapeutics
 BCAX.O  surged nearly 46% in their market debut on Friday,
signaling strong investor interest for the TPG-backed cancer
therapy developer.     
    The company's shares opened at $26.25 each, giving the
Boston-based company a market value of $1.29 billion.
    Bicara raised $315 million by selling 17.5 million shares in
its initial public offering for $18 each, the higher end of its
marketed range, after increasing the size of its offering twice.
    The strong response could bolster confidence for the biotech
sector, which has seen some recent market entrants struggle.
    Shares of drug developers Alumis  ALMS.O  and Artiva
Biotherapeutics  ARTV.O , which went public in recent months,
are trading below their IPO price.

 (Reporting by Vedant Vinayak Vichare and Arasu Kannagi Basil in
Bengaluru; Editing by Leroy Leo)
 ((vedant.vinayakvichare@thomsonreuters.com))