In a year when metabolic diseases have drawn major investor interest, the newest player has big-name backing, a sizable war chest and veteran leadership.

Kailera Therapeutics, details of which first emerged in May under the name “Hercules CM NewCo,” emerged from stealth Tuesday with plans to develop a portfolio of GLP-1 drugs for obesity and other metabolic conditions. The drugs were acquired from Jiangsu Hengrui Pharmaceuticals Co., which had already completed early clinical trials in China for what is now Kailera’s lead program, an injectable medicine dubbed KAI-9531.

“We have an incredible opportunity to develop next-generation treatments for chronic weight management, helping people reclaim their health and live their lives to the fullest,” said Ron Renaud, a well-known biotech executive who’s become Kailera’s CEO.

KAI-9531, which targets the GLP-1 and GIP hormone receptors, is being tested in people with obesity and Type 2 diabetes. A Jiangsu Hengrui subsidiary was expected to complete a Phase 2 trial of the drug in Type 2 diabetes earlier this year, and is running two ongoing trials in obesity.

Kailera has three other GLP-1 agonists in development, including KAI-7535, which is in clinical testing, as well as two preclinical assets.

Though the GLP-1 field is dominated by Novo Nordisk and Eli Lilly, rival pharmas and biotechs alike are working quickly to develop competitors. For instance, Roche and Viking Therapeutics are each developing medicines that act on GLP-1 and GIP, the hormones that are targeted by Lilly’s Zepbound.

And over the past two years, startups like OrsoBio, SixPeaks Bio and BioAge Labs have raised notable private financings and attracted the attention of pharma partners. The recent IPO performance of BioAge, which pivoted from age-related diseases to obesity drug research, has also suggested investor confidence in the promise of this new wave of metabolic drugs.

Renaud, a long-time fixture of the biotech industry, sold his previous three companies: Idenix Pharmaceuticals, bought in a 2014 deal with Merck & Co.; Translate Bio, purchased by Sanofi in 2021; and Cerevel Therapeutics, acquired in 2023 by AbbVie.