Alamar Biosciences and Kailera Therapeutics kicked off their initial public offerings in the United States on Monday, aiming for valuations of over one billion dollars as biotechnology companies rush to go public despite volatile market conditions.
Kailera, a developer of obesity treatments, is seeking a valuation of up to 1.9 billion dollars, while Alamar Biosciences is targeting up to 1.1 billion dollars.
Biotechnology listings are returning to the stock markets after a dry spell for most of 2025, with recent central bank rate cuts prompting capital inflows back into the markets. The SPDR S&P Biotech ETF XBI.P has surged by around 81% in the past 12 months.
Seaport Therapeutics and Hemab Therapeutics also filed for IPOs in the U.S. on Friday.
Kailera’s main candidate product, ribupatide, is a contender in the lucrative weight loss drug market, expected to generate approximately 150 billion dollars in annual sales over the next decade. Ribupatide is currently in the final stages of testing as a once-weekly injectable GLP-1 medication.
The company is offering 33.3 million shares in its IPO at a price range of 14 to 16 dollars per share, according to a filing.
Existing backers, including Bain Capital Private Equity, Bain Capital Life Sciences, and Qatar Investment Authority, have expressed interest in buying shares worth 225 million dollars as part of the offering.
Alamar Biosciences, based in Fremont, California, is offering about 9.4 million shares at a price range of 15 to 17 dollars per share. The company specializes in proteomics and develops instruments for detecting low-level protein biomarkers in blood, aiding in disease research and diagnostics.
J.P. Morgan, BofA Securities, and TD Cowen are the lead underwriters for Alamar’s offering, while for Kailera, the co-lead managers are Jefferies, J.P. Morgan, Leerink Partners, TD Cowen, and Evercore ISI.
Kailera will be listed on the Nasdaq under the symbol “KLRA,” while Alamar will trade under the symbol “ALMR.”
