Kailera Therapeutics priced an upsized U.S. IPO to raise about $625 million, setting a new benchmark for biotech listings. The obesity-focused company’s offering supports global development across injectable and oral candidates, anchored by ribupatide (KAI-9531), a once-weekly GLP-1/GIP dual agonist peptide in Phase 3 testing. The IPO also reflects how investors continue to underwrite late-stage obesity narratives after a multiyear surge in GLP-1 demand. Kailera said its proceeds will fund clinical trials across its obesity pipeline. Separately, the wider market reaction underscores continued appetite for obesity platforms with clear clinical differentiation and sizable addressable patient pools.