Biotechnology major Biocon Ltd on Wednesday (December 13) said its associate company Bicara Therapeutics Inc has successfully concluded its Series C financing, raising $165 million on December 12, 2023.
The infusion of funds is earmarked to drive the ongoing development of Bicara's lead product candidate, BCA101, a pioneering bifunctional EGFR/TGF-β inhibitor currently undergoing clinical trials for multiple cancer types. The funds will play a crucial role in furthering the clinical development of this first-in-class inhibitor.
Following the completion of the Series C funding and the subsequent allotment of shares by Bicara, Biocon's shareholding in Bicara, on a fully diluted basis, will dip below the 20% threshold. Consequently, Bicara will cease to be an associate company of Biocon.
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.
Bicara Therapeutics is a clinical-stage biotechnology company developing first-in-class biologics engineered to combine the precision of well-validated, tumour-targeting antibodies with the power of tumour microenvironment modulators.
Shares of Biocon Ltd ended at ₹249.25, up by ₹10.65, or 4.46%, on the BSE.
(Edited by : Shoma Bhattacharjee)
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