Sept 13 (Askume) – Shares of Bicara Therapeutics (BCAX.O) surged nearly 46% in trading on Friday, signaling strong investor interest in the TPG-backed cancer treatment developer.
Shares opened at $26.25 per share, giving the Boston-based company a market capitalization of $1.29 billion.
Bicara raised $315 million in its initial public offering by selling 17.5 million shares at $18 per shareraised Rs , which is the higher end of its offering range after increasing the offering limit twice .
The strong response could boost confidence in the biotech industry, where some recent market entrants have struggled.
Drug developers Alumis (ALMS.O) and Artiva Biotherapeutics (ARTV.O) , which went public in recent months, are trading below their IPO prices.
