Kailera Therapeutics priced an upsized U.S. IPO to raise $625 million, positioning the company among the largest-ever biotech debuts while funding a pipeline of injectable and oral obesity therapies. The offering strengthens investor backing for obesity-first strategies built around China-licensed assets from Hengrui. According to the company’s disclosures, proceeds will support global clinical development, including Phase III work for ribupatide (KAI-9531), a once-weekly injectable GLP-1/GIP receptor dual agonist. The IPO size also underscores how capital markets remain receptive to late-stage metabolic candidates even amid broader funding volatility. For the sector, the transaction is a reminder that obesity remains the highest-attention therapeutic category in biotech fundraising, with investors looking for differentiation beyond the GLP-1 backbone and for scalable manufacturing and commercial readiness.