Kailera raises $600M to take on Eli Lilly in obesity drug race

Kailera Therapeutics has secured $600M to fund global trials of KAI-9531, an injectable obesity drug similar to Eli Lilly’s Zepbound.

Why it matters: Obesity drugs are a booming market, and KAI-9531’s success could position Kailera as a major player, challenging industry leaders and expanding treatment options worldwide.

Backstory: KAI-9531 recently helped 567 patients lose 18% of their body weight in a 48-week Phase 3 trial in China. This compares fairly well with Zepbound, the benchmark, with 21% weight loss over 72 weeks in a 2,500-person trial. Now, Kailera plans broader studies to meet FDA standards and seek U.S. approval.

Big picture: Obesity drug developers have raised over $1B in 2025 alone, showing surging investor confidence. Kailera’s approach, dual-acting on GLP-1 and GIP hormones, reflects a shift toward more potent, next-gen weight-loss therapies.

Dream team: The current CEO, Ron Renaud, previously led three acquired biotech firms and so has attracted the interest of investors that include Bain Capital, Adage Capital, and sovereign funds from Canada and Qatar.

Zoom in: Kailera’s pipeline also includes a GLP-1 pill, a triple-acting therapy, and an oral version of KAI-9531. The company is already planning larger and longer studies.