RTW Biotech Opportunities Ltd saw the value of its holding in Kailera (Nasdaq:KLRA) leap after the clinical-stage obesity specialist completed a $625m upsized IPO on the Nasdaq Global Select Market, listing under the ticker KLRA, the largest biotech IPO on the exchange by total proceeds to date.
Kailera (Nasdaq:KLRA) sold 39 million shares at $16 each, up from a planned $500m raise. The IPO price implies a 47% step-up versus RTW Bio’s carrying value at 31 March and a 49% step-up from cost.
Kailera began trading on 17 April and closed its first day at $26, up 62.5%, a closing valuation that equates to a 139% step-up from RTW Bio’s prior holding value and a 143% step-up from cost. At 31 March, the company represented 3.5% of RTW Bio’s NAV; RTW reports 24% of NAV remains allocated to private investments including Kailera.
Kailera is advancing a four-product, GLP-1–based pipeline targeting obesity; its lead candidate, ribupatide (KAI-9531), is in global Phase 3 as a once‑weekly injectable GLP‑1/GIP dual agonist.
The IPO underscores RTW Investments’ newco creation model — RTW co-led Kailera’s Series A in 2024 alongside Bain Capital Life Sciences — and crystallises latent value in the private portfolio.
"We're excited for the Kailera team and congratulate them on their successful IPO," Rod Wong, CIO of RTW Investments, said.
