Alamar Biosciences and Kailera Therapeutics have kicked off their initial public offerings in the United States on Monday, aiming for valuations of over a billion dollars each as biotechnology companies rush to go public despite volatile market conditions.
Kailera, a developer of obesity drugs, is targeting a valuation of up to $1.9 billion, while Alamar Biosciences is aiming for up to $1.1 billion. Biotech listings are making a comeback on the stock markets after a dry spell in most of 2025, with recent central bank rate cuts encouraging capital to flow back into the markets, though war-related inflation could lead to rate hikes later in the year. The SPDR S&P Biotech ETF XBI.P has jumped by about 81% in the past 12 months.
Seaport Therapeutics and Hemab Therapeutics also filed for IPOs in the US on Friday.
Kailera’s lead candidate product, ribupatide, is a competitor in the weight-loss drug race, a multi-billion-dollar market expected to generate around $150 billion in annual sales over the next decade. Ribupatide is currently in late-stage trials as a once-weekly injectable GLP-1 drug.
The company is offering 33.3 million shares in its IPO at a price between $14 and $16 per share according to a filing. Current investors, including Bain Capital Private Equity, Bain Capital Life Sciences, and Qatar Investment Authority, have expressed interest in purchasing shares worth up to $225 million in the offering.
Alamar Biosciences, based in Fremont, California, is selling about 9.4 million shares at a price between $15 and $17 per share. The company specializes in proteomics and develops instruments to detect low-level protein biomarkers in the blood, facilitating disease research and diagnosis.
J.P. Morgan, BofA Securities, and TD Cowen are the main underwriters for Alamar’s offering, while for Kailera, the joint bookrunners are Jefferies, J.P. Morgan, Leerink Partners, TD Cowen, and Evercore ISI. Kailera will be listed on Nasdaq under the symbol “KLRA”, while Alamar will be listed under the symbol “ALMR”.
