April 13 (Reuters) – Alamar Biosciences and Kailera Therapeutics kicked off roadshows for their U.S. initial public offerings on Monday, aiming for billion-dollar-plus valuations as biotech companies flock to list on bourses despite choppy market conditions.
Obesity drug developer Kailera is targeting a valuation of up to $1.9 billion, while Alamar Biosciences is aiming for as much as $1.1 billion.
Biotech listings are returning to the stock markets after a drought through much of 2025, as recent central-bank rate cuts help capital flow back into the equity markets, though war-driven inflation may lead to rate hikes later this year. The SPDR S&P Biotech ETF has soared roughly 81% in the past 12 months.
Seaport Therapeutics and Hemab Therapeutics also filed for U.S. IPOs on Friday.
Kailera’s lead product candidate, ribupatide, is a contender in the multibillion-dollar race for weight-loss drugs, with the market expected to generate about $150 billion in annual sales in the next decade. Ribupatide is currently in late-stage trials as a once-weekly injectable GLP-1 drug.
The company is marketing 33.3 million shares in its IPO priced between $14 and $16 apiece, it said in a filing.
Its existing backers, including Bain Capital Private Equity, Bain Capital Life Sciences and Qatar Investment Authority, have indicated interest in buying up to $225 million of shares from the offering.
Meanwhile, Fremont, California-based Alamar Biosciences is marketing roughly 9.4 million shares priced between $15 and $17 apiece.
The proteomics firm develops instruments to detect low-level protein biomarkers in blood, enabling disease research and diagnostics.
J.P. Morgan, BofA Securities, and TD Cowen are the lead underwriters for Alamar’s offering.
For Kailera, joint book-running managers are Jefferies, J.P. Morgan, Leerink Partners, TD Cowen and Evercore ISI.
Kailera will list on Nasdaq under the symbol “KLRA,” while Alamar will list under “ALMR.”
(Reporting by Prakhar Srivastava and Arasu Kannagi Basil in Bengaluru; Editing by Jonathan Ananda)
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