Kailera Therapeutics closed a $600 million Series B led by Bain Capital Private Equity to advance KAI‑9531, a weekly dual‑target metabolic injection positioned against Eli Lilly’s obesity franchise. The funding will underwrite global Phase 3 trials and scale development of additional oral and injectable metabolic candidates. Eli Lilly meanwhile posted two late‑stage diabetes wins for its oral GLP‑1 candidate orforglipron, beating AstraZeneca’s Farxiga in head‑to‑head endpoints and strengthening Lilly’s broader obesity/diabetes portfolio. The trial successes bolster confidence that oral GLP‑1s can be competitive with injectables and shape payer and prescriber dynamics. Investors and strategists now confront a crowded, high‑stakes metabolic market where large private and public financings, head‑to‑head trial data, and rapid clinical advances will determine which platforms scale to global commercial leadership.