(Bloomberg) -- Bicara Therapeutics is working with Morgan Stanley on a US initial public offering, people familiar with the situation said, as the market for first-time share sales is showing signs of normalizing. 

The Boston-based clinical-stage biotechnology company, whose backers include Braidwell LP and TPG Inc., is looking to raise about $100 million to $150 million in the IPO, according to people familiar with the situation. The offering may begin marketing the shares as soon as August, the people said.

Deliberations are ongoing and details of the offering such as timing and size may change, the people said, asking not to be identified because the information is private. Bicara representatives didn’t immediately respond to requests for comment. A spokesperson for Morgan Stanley declined to comment. 

IPOs have seen their best start to a year since the heady days of 2021, with more than $21 billion raised in the first six months on US exchanges, according to data compiled by Bloomberg. Biotechnology offerings raised about $1.8 billion of that, more than quadrupling the $446.7 million raised in the same period last year, the data shows. 

Bicara develops therapies using so-called dual-action biologics to elicit a response from tumors, according to a statement.

The company raised $165 million in a series C financing in December, co-led by Alex Karnal’s health-care hedge fund Braidwell and private equity firm TPG. It previously raised $108 million in series B financing in March 2023. 

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