Kailera Therapeutics priced an upsized IPO to raise $625 million, targeting a late-stage obesity pipeline led by ribupatide (KAI-9531), a once-weekly GLP-1/GIP dual agonist peptide. The offering is positioned as a record for U.S. biopharma listings, according to the reporting. The company said the proceeds will support global clinical trials, with underwriters’ option potentially pushing gross proceeds closer to $719 million. The IPO follows earlier large private financings, including a sizable Series A and Series B. The fundraising underscores continued investor appetite for late-stage obesity biology while competitors test differentiated tolerability and dosing profiles.