Local Biotechs Go Public, Raise Over $500M Total

Boston-based Bicara Therapeutics, a clinical-stage biopharma developing therapies for patients with solid tumors, this week announced the closing of its initial public offering which raised gross proceeds of approximately $362 million. Bicara’s lead asset, ficerafusp alfa, is a bifunctional antibody that combines two clinically validated targets, an epidermal growth factor receptor (EGFR) directed monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-β). Ficerafusp alfa is initially being developed in head and neck squamous cell carcinoma, where there remains a significant unmet need.

Waltham-based Zenas BioPharma, a global company developing inflammation and immunology-directed therapies, in May announced the closing of an upsized $200 million Series C preferred stock financing round. Proceeds will support ongoing mid- to late-stage clinical development programs for the company’s lead product candidate, obexelimab, a bifunctional monoclonal antibody. The obexelimab clinical programs include an ongoing Phase 3 registration-directed trial in IgG4-Related Disease, two planned Phase 2 randomized controlled trials in Multiple Sclerosis and Systemic Lupus Erythematosus, and an ongoing open label Phase 2 trial in Warm Autoimmune Hemolytic Anemia.

According to The Boston Globe, these are only the third and fourth Massachusetts-based biotech companies to hold IPOs in 2024 thus far, following Fractyl Health and Rapport Therapeutics, based in Lexington and Boston respectively. Local biotech IPOs peaked in 2021 when over a hundred biotechs raised a total of over $15 billion. (Sources: Bicara Therapeutics Website, 16 September, 2024; Zenas BioPharma Website, 07 May, 2024; The Boston Globe, 14 September, 2024)