The market is thawing, but not in the anything-goes way biotech learned to expect in 2021. Kailera Therapeutics and Alamar Biosciences suggest public investors are back—just on far stricter terms.
On April 13, two very different companies stepped into the U.S. IPO market. Kailera Therapeutics, an obesity-drug developer, launched its offering targeting a valuation of as much as $1.9 billion. Alamar Biosciences, a proteomics tools company, began marketing an IPO that could value it at up to $1.1 billion. At first glance, that can look like a routine burst of capital-markets activity. It is not. Taken together,
