Bicara Therapeutics, Zenas BioPharma and MBX Biosciences are seeking a combined $700 million-plus in IPO filings this week.
A trio of biotechs have brought the IPO market roaring back, with proceeds expected to top $700 million.
Solid tumor biotech Bicara Therapeutics led the pack with a raise expected to garner $315 million, according to a Thursday press release. The company is offering 17.5 million shares at $18 apiece. The shares are expected to begin trading this morning on the Nasdaq under the ticker BCAX. The offering will close September 16.
Funds from the raise will be used to advance ficerafusp alfa, a bifunctional EGFR/TGF-β antibody in development for multiple solid tumors, according to a preliminary prospectus filed September 11. The therapy is current undergoing a Phase I/Ib trial of patients with head and neck squamous cell carcinoma (HNSCC). The raise will be put towards a Phase II/III registrational study to support a biologics license application to the FDA.
Bicara also wants to expand ficerafusp alfa to additional HNSCC patients and other solid tumors, including colorectal cancer and other squamous cell carcinomas. The rest of the raise will go toward general working capital and corporate purposes.
Next up in the IPO run is Zenas BioPharma, a Waltham, Mass.–based biotech developing immunology-based therapies for autoimmune diseases. The biotech is expecting to raise $225 million, with 13.2 million shares offered at $17 each, according to a Thursday press release. Trading of the shares are expected to begin Friday under the ticker ZBIO, with the offer closing September 16.
Zenas plans to take $100 million from the offering and existing cash to put toward lead candidate obexelimab, a bifunctional monoclonal antibody under development for several autoimmune disorders. The most advanced indication is a Phase III test for immunoglobulin G4-related disease. Funds will also support Phase II trials for multiple sclerosis, systemic lupus erythematosus and warm autoimmune hemolytic anemia.
The rest of the proceeds will go toward commercial launch prep for obexelimab in the U.S. and Europe, including manufacturing, and general corporate purposes.
The final company to make the jump to the public markets is MBX Biosciences, which is developing novel precision peptide therapies for endocrine and metabolic disorders. The company is offering 10.2 million shares at $16 apiece for gross proceeds of $163.2 million, according to a Thursday press release. The shares will begin trading Friday under the ticker MBX, with the offering closing September 16.
MBX will use the proceeds to fund two clinical programs, MBX 2109 and MBX 1416 and the preclinical therapy MBX 4291. MBX 2109 is currently in a Phase II test for hypoarathyroidism while MBX 1416 is in a Phase I trial for post-bariatrichypoglycemia. MBX 4291, meanwhile, is in investigational new drug application-enabling studies for obesity.
All of the companies are offering underwriters additional options to pick up more shares, meaning the ultimate raises could be even higher.
The trio of companies going public is welcome news for the biotech industry, which has been waiting for the window to the public markets to open all year. After an initial rush in the first months of the year, IPO filings slowed again to a trickle.
