Kailera Therapeutics, a phase 3 biotech developing injectable and oral GLP-1 agonists for obesity, raised $625 million by offering 39.1 million shares at $16, the high end of the $14 to $16 range. The company originally planned to offer 33.3 million shares at the same range. Existing shareholders Bain Capital and QIA ahd indicated on $225mm of the deal. At pricing, the company commands a fully diluted market value of $2.1 billion (+12% vs. original midpoint).
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 will trade on the Nasdaq under the symbol KLRA. J.P. Morgan, Jefferies, Leerink Partners, TD Securities, and Evercore ISI acted as joint bookrunners on the deal.
