Kailera Therapeutics priced an upsized IPO to raise $625 million, positioning it among the largest U.S. biotech debuts and funding a pipeline of injectable and oral obesity candidates licensed from China’s Hengrui. The company plans to support global clinical development with ribupatide (KAI-9531) as a key Phase 3 asset. The listing comes after earlier venture rounds (including a reported $400 million Series A and $600 million Series B) and signals sustained investor demand for obesity programs as GLP-1-centric strategies mature. Kailera’s pitch emphasizes an “obesity-first” approach and dual agonism through GLP-1/GIP targeting. The record-setting IPO also increases competitive intensity for late-stage obesity assets, with new funding available to accelerate trial readouts and possible label expansion strategies.