Kailera Therapeutics filed for an IPO to fund late-stage development of its obesity portfolio led by ribupatide, a weekly GLP-1/GIP agonist in Phase 3. The filing positions the company to compete in a market dominated by Eli Lilly and Novo Nordisk by pursuing next-generation efficacy and tolerability. Kailera and partner Hengrui have reported 48-week Phase 3 China data for ribupatide, showing average weight loss of 18%. The company also plans to publish dose-ranging data next year and expects global Phase 3 reporting in 2028. The IPO filing follows significant pre-IPO financing, with Bain Capital holding the largest equity stake. If successful, Kailera would add another obesity-focused public company while the field intensifies around incretin-based differentiation.