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Apr 17, 2026 4:00 PM

Kailera Therapeutics Debut Marks Largest Biotech IPO Since 2021 Amid Weight Loss Race

On Thursday, Kailera Therapeutics Inc. (NASDAQ:KLRA) priced its initial public offering of 39.06 million shares at $16.00 per share, with gross proceeds of around $625 million.

In addition, Kailera has granted the underwriters an option to purchase up to an additional 5.86 million shares.

Biotech Debut Stands Out In Crowded Obesity Drug Race

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 and Co. (NYSE:LLY) and Novo Nordisk A/S (NYSE:NVO) lead the pack with FDA-approved weight loss pills and injectables.

The listing is the biggest U.S. biotech debut since 2021, when cell-engineering firm Sana Biotechnology Inc. (NASDAQ:SANA) raised $676 million, according ...