US Bio Giant 'RA Capital' Bets $40 Million on Cancer Drug Development

Bicara Therapeutics Inc. (NASDAQ: BCAX) announced on February 26 that RA Capital Management, a U.S.–based specialist biotech investor, participated in its offering of common stock and pre-funded warrants, investing approximately $40 million (KRW 54 billion). Under the deal structure—designed to keep RA Capital’s stake below 9.99%—the firm will hold several million indirectly through pre-funded warrants and will exert governance influence via board participation.

Through this offering, Bicara raised net proceeds of approximately $161.8 million (KRW 218 billion) from the combined issuance of common stock and pre-funded warrants, with Morgan Stanley, TD Securities and Bank of America serving as joint bookrunners. The company plans to use the funds to support the U.S. approval and commercialization preparations for its lead oncology candidate, Pycerafusp Alpha, as well as to finance additional clinical trials and expand manufacturing capacity.

Headquartered in Massachusetts, Bicara is a clinical-stage oncology company developing a dual-function antibody pipeline, with Pycerafusp Alpha—targeting solid tumors such as head and neck squamous cell carcinoma—as its core asset. RA Capital Management is a U.S. investment firm focused on life sciences and biotechnology; partner Jake Simpson serves on Bicara’s board and acts as a principal institutional investor.