Kailera Therapeutics priced its IPO at $16 per share to raise about $625 million in gross proceeds, entering the public markets with a Phase III obesity program. The company’s lead asset, ribupatide (KAI-9531), is an injectable GLP-1/GIP peptide agonist in global late-stage development. Kailera disclosed that it does not have head-to-head trial data against approved obesity therapies, framing the program’s valuation around expected clinical differentiation and progression toward regulatory submissions. Proceeds are intended to support ongoing Phase III work and operational scaling. The IPO is underwritten by a syndicate including J.P. Morgan and Jefferies, with trading expected on Nasdaq under ticker KLRA.