Kailera and Alamar launch US IPOs as sector momentum builds

The biotechnology sector in the United States is witnessing a significant resurgence as two major industry players, Kailera Therapeutics and Alamar Biosciences, launched their initial public offering roadshows on Monday. Both companies are targeting valuations in excess of $1 billion, signaling a robust return of biotech listings following a prolonged market drought throughout much of 2025.

Kailera Therapeutics, a developer specializing in obesity treatments, is aiming for a valuation of up to $1.9 billion. The company is marketing 33.3 million shares with an expected price range of $14 to $16 per share. Its lead product candidate, ribupatide, is a once-weekly injectable GLP-1 drug currently in late-stage clinical trials. Kailera is entering a high-growth market for weight-loss medications, which is projected to generate approximately $150 billion in annual sales over the coming decade.