Kailera Therapeutics priced an upsized IPO that raised $625 million to fund its obesity pipeline, following earlier Series A/B rounds. The offering sets a new benchmark for US biopharma IPOs as investors continue to reward late-stage-ready obesity platforms. In parallel, Lilly reported positive Phase 3 cardiovascular outcomes data for Foundayo (orforglipron), meeting the main goal of non-inferiority versus insulin glargine in a diabetes/obesity population at increased cardiovascular risk. Lilly said it will submit for FDA approval in type 2 diabetes using a national priority review voucher, after an initial obesity-pill regulatory win. Together, the IPO proceeds and the cardiovascular readout reinforce how obesity programs are increasingly evaluated on broader endpoints beyond weight loss, with regulators and investors demanding evidence of durability and safety across comorbid populations.