Biocon associate co Bicara Therapeutics raises over Rs 1375 crore in series C financing
Boston: Bicara Therapeutics, an associate company of Biocon Limited, has announced the completion of an oversubscribed $165 million Series C financing. The financing was co-led by Braidwell LP and TPG, which is investing in the company through TPG Life Sciences Innovations (TPG LSI) and The Rise Fund, with additional new investors including Deerfield Management, Fairmount, Aisling Capital and a leading biotechnology investor associated with one of the largest alternative asset managers. All existing Series B investors also participated in the round.
Proceeds from the Series C financing will be used to support the continued advancement of Bicara’s lead product candidate, BCA101, a first-in-class bifunctional EGFR/TGF-β inhibitor that is currently in clinical development for multiple cancer types including frontline human papillomavirus (HPV)-negative, recurrent/metastatic (R/M) head and neck squamous cell carcinoma (HNSCC), advanced squamous non-small cell lung cancer (SqNSCLC) and cutaneous squamous cell carcinoma.
At the 2023 ASCO Annual Meeting and ESMO Congress 2023, Bicara presented positive interim clinical data from its ongoing, open-label Phase 1/1b dose expansion study of BCA101 in combination with pembrolizumab demonstrating clinically meaningful anti-tumor activity and a tolerable safety profile in frontline HPV-negative R/M HNSCC, a cancer with limited treatment options that generally carries a poor prognosis and is increasing in prevalence. Additional data updates from Bicara’s ongoing Phase 1/1b dose expansion study of BCA101, including in advanced SqNSCLC, are anticipated in 2024.
Consequent to this infusion of Series C funding and post allotment of shares by Bicara, Biocon’s shareholding in Bicara on fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon Limited.
“Momentum at Bicara is increasing following our BCA101 Phase 1/1b data presentations at key 2023 medical meetings,” said Claire Mazumdar, Ph.D., MBA, Chief Executive Officer of Bicara Therapeutics. “Our proof-of-concept data in frontline HPV-negative R/M HNSCC, a very difficult patient population to treat, underscore the promise of BCA101 as a new precision therapeutic option for these patients. With additional data readouts anticipated in 2024, we remain excited about the overall potential of BCA101 to help patients with HPV-negative R/M HNSCC, as well as other solid tumor types. We are thrilled to partner with this syndicate of new and existing leading healthcare investors, who share in our vision for BCA101 and Bicara’s bifunctional antibody platform.”
In connection with the Series C financing, Carolyn Ng, Ph.D., Business Unit Partner with TPG LSI, has joined Bicara’s board of directors.
“Bicara’s Phase 1/1b dose expansion study of BCA101 has delivered encouraging, clinically meaningful interim results and offers an excellent foundation from which to continue to build Bicara into a leading oncology company,” said Dr. Ng. “I am excited to join Bicara’s board of directors at such an important time and look forward to working with this talented management team and distinguished board of directors to advance new treatments for cancer patients.”
With the completion of the Series C financing, Bicara has raised $273 million in 2023.
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