Obesity Drugmaker Kailera Soars 63% After $625 Million IPO (1)

Kailera Therapeutics Inc. shares surged 63% after the clinical-stage biotechnology company focused on obesity raised $625 million in an upsized US initial public offering.

The company’s shares closed at $26 each on Friday, above its IPO price of $16 apiece. The Waltham, Massachusetts-based firm had marketed 33.3 million shares for $14 to $16 each.

The trading gives Kailera a market value of almost $3.1 billion based on the outstanding shares listed in its filings.

Kailera joins a crowded field of drugmakers jockeying to win a slice of what could be a $200 billion obesity market by 2030. Eli Lilly & ...