(Reuters) – Shares of Bicara Therapeutics 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 and Artiva Biotherapeutics, 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)
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