Kailera Therapeutics Inc., a clinical-stage biotechnology company focused on obesity, raised $625 million in an upsized initial public offering, marking the sector's biggest US listing since 2021.
The Waltham, Massachusetts-based company's IPO priced at the top of its marketed range. Kailera sold about 39 million shares at $16 each, according to a statementBloomberg Terminal Thursday. The biotech had offered 33.3 million shares for $14 to $16 each. The IPO was double-digits oversubscribed, people familiar with the matter have saidBloomberg Terminal.
At the IPO price, Kailera has a market value of about $2 billion based on the outstanding shares listed in the filing.
The listing is the biggest US biotech debut since 2021, when cell-engineering firm Sana Biotechnology Inc. raised $676 million, according to data compiled by Bloomberg.
Kailera will join a crowded field of drugmakers jockeying to win a slice of what could be a $200 billion obesity market by 2030. Eli Lilly & Co and Novo Nordisk A/S lead the pack with US FDA approved weight loss pills and shots already available to patients.
Founded in 2024, the late clinical-stage biotech is developing four GLP-1 based weight loss drugs, including a weekly shot and once-daily oral tablet which are in late stage trials.
Existing shareholders including Bain Capital Private Equity, Bain Capital Life Sciences and Qatar Investment Authority have indicated an interest in buying as much as $225 million of shares in aggregate at the IPO price.
Affiliates of Bain Capital will own about a third of the company after the offering, according to the filing.
Kailera reported a net loss of $149 million for the year ended December 2025, compared with a net loss of $219.7 million from its inception in May 2024 to December 2024.
Kailera is led by Ronald Renaud, the chief executive officer of Cerevel Therapeutics until the close of its $8.7 billion acquisition by AbbVie Inc. in 2024.
The IPO comes after Kailera raised $600 million in October from a Series B financing, according to a statement at the time. The round was led by Bain Capital Private Equity with participation from new investors including Janus Henderson Investors, Surveyor Capital and Invus, as well as existing investors including Atlas Venture, Bain Capital Life Sciences and Sirona Capital.
The offering is being led by JPMorgan Chase & Co., Jefferies Financial Group, Leerink Partners LLC, Cowen Inc and Evercore Inc The company's shares are expected to trade Friday on the Nasdaq Global Market under the symbol KLRA.