Kailera Therapeutics raised $625 million in one of biotech’s biggest-ever initial public offerings, topping Moderna’s prior debut record. The Nasdaq offering funds Kailera’s obesity pipeline, including medicines licensed from China’s Hengrui Pharma. With proceeds directed toward advancing the company’s lead obesity assets, the IPO underscores how investors are still underwriting GLP-1-adjacent and next-generation weight-loss programs—particularly those with international development and partnering leverage. Kailera’s pricing and size also highlight how market appetite for late-stage clinical validation is translating into IPO scale.