Kailera Therapeutics priced a record-setting upsized IPO, raising $625 million gross to fund late-stage development of its injectable and oral obesity pipeline, including ribupatide (KAI-9531) entering Phase III. The company’s offering was framed as the largest-ever Wall Street debut for a drug company, with full underwriter exercise potentially pushing proceeds close to $719 million. Kailera said proceeds will support global clinical trials focused on obesity indications. Ribupatide is a once-weekly GLP-1/GIP dual agonist peptide licensed from China’s Hengrui, and Kailera positioned its “obesity-first” strategy as differentiating versus broader metabolic portfolios. The IPO also drew attention for timing within a selective market for biotech listings, reinforcing investor appetite for obesity assets with clear clinical advancement pathways.