Kailera Therapeutics closed a $600 million financing led by Bain Capital Private Equity to support global Phase 3 trials of KAI‑9531, a weekly injectable aimed at the same dual targets as Eli Lilly’s Zepbound. The capital will also bankroll development of other oral and injectable metabolic candidates in Kailera’s pipeline. Investors included large institutional groups and sovereign funds; the round follows an earlier large Series A and positions Kailera to initiate registrational trials this year in multiple regions including China. Media coverage underscored the continued heavy investor interest in obesity therapeutics despite payer and clinical scrutiny. Clinical context: KAI‑9531 targets established obesity pathways and will face head-to-head market and reimbursement pressures as payers reassess coverage for costly GLP‑1 and dual-agonist regimens.