Kailera Therapeutics, a Phase 3 biotech developing injectable and oral GLP-1s for obesity, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Kailera is progressing four clinical-stage candidates targeting obesity, leveraging multiple glucagon-like peptide-1 (GLP-1) based mechanisms of action and routes of administration. Its lead candidate, ribupatide (also known as KAI-9531), is currently being evaluated in global Phase 3 trials as a once-weekly injectable GLP-1/glucose-dependent insulinotropic polypeptide receptor dual agonist peptide. The company is expanding its ribupatide franchise by developing a once-daily oral tablet formulation, oral ribupatide, based on the same peptide as injectable ribupatide.
The Waltham, MA-based company was founded in 2024 and plans to list on the Nasdaq under the symbol KLRA. Kailera Therapeutics filed confidentially on December 19, 2025. J.P. Morgan, Jefferies, Leerink Partners, TD Securities, and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.
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