Bicara is a clinical-stage biopharmaceutical company for bifunctional therapies for patients with solid tumors. Claire is the niece of Biocon chief Kiran Mazumdar Shaw.
As per Reuters, shares of Bicara Therapeutics surged nearly 46% in their debut on September 13, giving the TPG-backed cancer therapy developer a market value of $1.29 billion. Its shares opened at $26.25, compared with the offer price of $18, the news agency said. Bicara raised $315 million by selling 17.5 million shares in its initial public offering, after increasing the size of its offer twice, it said.
Mazumdar-Shaw was a proud aunt as her niece’s company made its debut at Nasdaq. Mazumdar-Shaw, who accompanied Claire in ringing the opening bell at the stock exchange in New York, said that she was “thrilled” and “so very proud” of Claire.
“Thrilled to be present at ringing the opening bell for Bicara Therapeutics’ debut on Nasdaq exchange,” Mazumdar-Shaw wrote on microblogging site X. “So very proud of my amazing niece Claire Mazumdar… I am bursting with pride to see Indian innovation being valued in the world’s most respected stock exchange,” she said.
During the opening bell, Claire said, “Today has been incredibly exciting and a humbling moment for all of us at Bicara as we celebrate this pivotal milestone of becoming a public company… This reaffirms our commitment to improving outcomes for cancer patients. From day one Bicara was founded on the belief that innovative science with roots in India’s emerging and dynamic biotech sector has the potential to save lives.”
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“Through my aunt Kiran, a pioneering biotech entrepreneur and husband Tom, a head and neck oncologist, I have been surrounded by individuals who’ve shaped my responsibility towards helping patients,” she said. The company announced that going public marks a new chapter in developing therapies for cancer patients. “We’re excited to share that we’ve closed our IPO and are listed on Nasdaq as $BCAX! This marks an important new chapter for our company as we aim to deliver transformative bifunctional therapies to patients with solid tumors,” Bicara Therapeutics said, on X.
The company’s lead drug, ficerafusp alfa, is currently in an early-stage study in the US to treat a type of head and neck cancer in combination with Merck’s Keytruda. As per Reuters, it 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.
