Kailera Therapeutics secured $600 million in a Series B round led by Bain Capital Private Equity to advance KAI‑9531, a weekly injectable that targets the same receptors as established GLP‑1/GIP therapies, into global phase 3 trials. The financing will also support development of additional oral and injectable metabolic candidates in Kailera’s pipeline. Investors framed the round as a bet on next‑generation metabolic drugs that can compete with existing incretin therapies by improving durability, safety or administration. Kailera intends to start pivotal testing by year‑end and scale regulatory, manufacturing and commercial preparation. The round highlights continued massive private funding flows into obesity therapeutics despite market consolidation and payer scrutiny, and it will intensify late‑stage competition among obesity shots.