Kailera Therapeutics priced an upsized US biopharma IPO, raising $625 million and setting a new record for U.S. drug-company debut. The company priced 39 million shares at $16 apiece, with a full underwriter option potentially adding nearly $94 million, bringing proceeds close to $719 million. Kailera’s pipeline centers on obesity therapeutics licensed from China, with its lead candidate ribupatide (KAI-9531) a once-weekly injectable GLP-1/GIP dual agonist peptide currently in Phase III development. The IPO proceeds are earmarked to support global clinical trials for its obesity program. The record-setting performance is notable for investors because it reflects sustained appetite for late-stage obesity franchises even as competitive dynamics intensify around GLP-1 class assets. It also reinforces how early financing momentum can translate into large public-market outcomes for companies with clinically advanced, differentiated dosing regimens. For the sector, the Kailera print matters less for immediate science and more for how it signals valuation and capital availability for clinical-stage metabolic pipelines in the current IPO cycle.