Kailera Therapeutics priced its IPO at $16 per share, aiming to raise about $625 million in gross proceeds to advance obesity programs and operations. The company plans to trade on Nasdaq under the ticker KLRA. Funds are intended to support ongoing clinical development and expansion. Kailera’s lead asset, KAI-9531 (ribupatide), is an injectable GLP-1/GIP peptide agonist in global Phase III trials (NCT07284875). In its filings, Kailera positioned ribupatide as potentially having a differentiated clinical profile versus approved GLP-1/GIP therapies, while noting that no direct head-to-head trials have been conducted. The offering is underwritten by J.P. Morgan, Jefferies, Leerink Partners, TD Cowen and Evercore ISI, with William Blair as lead manager. The company’s IPO marks a major liquidity event for a new entrant targeting the increasingly crowded anti-obesity market.