Kailera Therapeutics raised $600 million in a Series B led by a Bain‑led syndicate to advance its lead obesity program into Phase 3 by year‑end. The financing—one of the largest private biotech rounds this year—follows Kailera’s $400 million launch funding and consolidates significant private capital behind obesity drug development. Investors included Bain Capital, Royalty Pharma and sovereign wealth funds; the company obtained ex‑China rights to several obesity candidates when it launched. Kailera’s raise comes amid large strategic moves in obesity therapeutics (including Pfizer’s recent purchase of Metsera) and reflects continued investor appetite for clinical stage weight‑loss assets despite mixed clinical readouts in the sector. Kailera said proceeds will start registrational programs and expand clinical infrastructure. The financing shortens timelines to pivotal data and sharpens competitive positioning against approved GLP‑1 and dual agonists.