Kailera Therapeutics shares surge 62.5% in Nasdaq debut

Investing.com -- Kailera Therapeutics' shares rose 62.5% in their Nasdaq debut on Friday after the weight-loss drug developer raised $625 million in its U.S. initial public offering.

The company's shares opened for trading at $26, far above the IPO pricing of $16 per share.

Kailera Therapeutics priced its initial public offering on Thursday, seelling 39,062,500 shares of common stock at $16 per share. The biotechnology company, which focuses on obesity treatments, expects to raise $625.0 million in gross proceeds before underwriting discounts and offering expenses.

J.P. Morgan, Jefferies, Leerink Partners, TD Cowen and Evercore ISI are serving as joint book-running managers for the offering, while William Blair is acting as lead manager.

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