Kailera Therapeutics priced a $625 million offering, a potential benchmark for biotech IPOs, to fund its obesity pipeline. The company’s larger-than-expected raise underscores investor appetite for late-stage metabolic programs even as broader IPO activity remains selective. The IPO proceeds are earmarked to advance obesity assets, and the company plans to build out its licensed portfolio including medicines acquired from China’s Hengrui Pharma. The pricing comes as investors increasingly differentiate between purely preclinical platform stories and programs with clear clinical and commercial roadmaps—particularly in obesity, where competitive dynamics remain high.