Kailera Therapeutics closed a $600 million Series B to fund global Phase 3 testing of KAI‑9531, a weekly injectable that targets the same receptors as Eli Lilly’s Zepbound. Bain Capital Private Equity led the round with participation from sovereign wealth and life‑science investors. The financing will scale clinical operations and regulatory engagement as Kailera prepares to start larger, registrational trials later this year. Investors committed one of the largest private growth rounds in biotech to back an obesity program that recently posted positive late‑stage data in China and elsewhere. The deal underscores continued investor conviction in obesity/metabolic therapeutics despite mixed commercial signals for some oral GLP‑1s. Kailera’s capital will also support its broader metabolic pipeline and global regulatory filings. For industry participants, the round signals both renewed private capital appetite for metabolic drugs and heightened competition in the obesity market, with multiple companies accelerating phase 3 programs and commercial planning. Analysts will monitor enrollment capacity, comparator positioning, and potential label strategies as Kailera prepares for global trials.