Bicara Therapeutics and Zenas BioPharma Aim for $200 Million IPOs

Key Insights

• Bicara Therapeutics plans a $200 million IPO to advance ficerafusp alfa, a bifunctional antibody targeting EGFR and TGF-β for solid tumors.
• Zenas BioPharma also seeks $200 million through an IPO to support obexelimab, a CD19 and FcγRIIb targeting antibody in Phase 3 for IgG4-RD.
• Both companies anticipate using the IPO proceeds to fund clinical trials and further develop their respective pipelines of novel therapeutics.

Two biotech companies, Bicara Therapeutics and Zenas BioPharma, are set to launch IPOs next Thursday, each aiming to raise $200 million. These offerings highlight the ongoing investor interest in novel therapeutic approaches for cancer and autoimmune diseases.

Bicara Therapeutics Focuses on Solid Tumors

Bicara Therapeutics (BCAX) intends to raise $200 million with an anticipated market cap of $865 million. Their lead candidate, ficerafusp alfa, is a bifunctional antibody designed to target both epidermal growth factor receptor (EGFR) and transforming growth factor beta (TGF-β). This dual-targeting mechanism aims to inhibit cancer cell survival and proliferation by blocking EGFR, while also suppressing the immunosuppressive TGF-β signaling within the tumor microenvironment. The company plans to initiate a pivotal Phase 2/3 trial in late 4Q24 or early 1Q25 to further evaluate ficerafusp alfa's efficacy.

Zenas BioPharma Targets Autoimmune Diseases

Zenas BioPharma (ZBIO) is also looking to secure $200 million, targeting a market cap of $685 million. Their lead candidate, obexelimab, is a bifunctional monoclonal antibody that targets CD19 and FcγRIIb. This approach aims to inhibit the activity of cells implicated in various autoimmune diseases without depleting them. Obexelimab is currently in Phase 3 clinical trials for IgG4-Related Disease (IgG4-RD) and Phase 2 trials for multiple sclerosis (MS) and systemic lupus erythematosus (SLE). Topline data for the IgG4-RD trial is expected in 2025. Zenas BioPharma's pipeline includes other clinical-stage programs targeting immunological pathways.

IPO Details

Bicara Therapeutics and Zenas BioPharma both plan to offer 11,765,000 and 11,760,000 shares respectively, priced between $16 and $18. Morgan Stanley and TD Cowen are acting as bookrunners for Bicara Therapeutics, while Morgan Stanley and Jefferies are managing the Zenas BioPharma IPO.

These IPOs represent a significant step for both companies as they seek to advance their clinical programs and address unmet needs in oncology and immunology.