Kailera Therapeutics has raised one of the largest initial public offerings in biotech history, with an expected $625 million in gross proceeds.
The company develops both injectable and oral weight loss drugs. It intends to use most of the capital for its three-trial, late-stage KaiNETIC program for injectable ribupatide. Around $150 million will go toward oral ribupatide, a once-daily pill. The drug has completed a phase 2 obesity trial in China, which showed a mean weight loss of 12.1% at the highest dose after 26 weeks and at least 15% weight loss in 38.6% of patients. In addition, Kailera has a GLP-1RA pill in its pipeline, which is currently in mid-stage development.
Investment into these oral and injectable weight loss drugs could set the company up as a competitor to Eli Lilly and Novo Nordisk, the current leaders in the exploding obesity medication market.