Kailera Therapeutics closed a $600 million Series B led by Bain Capital to fund global trials of its obesity injectable, following late‑stage success in China. The financing ranks among the largest private biotech raises this year and is earmarked to advance the company into Phase 3 by year‑end and expand international development. Investors including sovereign wealth funds and royalty investors backed the round, underscoring continued market appetite for GLP‑1 and incretin‑class competitors despite pricing and access headwinds. Kailera’s plan reflects broader sector momentum—big pharma has been acquisitive in obesity, most recently with Pfizer’s moves earlier this year—while private players race to secure pivotal data and commercial rights. The raise will fund global enrollment, regulatory engagement and scale‑up activities that precede late‑stage readouts and potential partnership or M&A outcomes.