Alamar Biosciences and Kailera Therapeutics have launched their U.S. initial public offerings, aiming for billion-dollar-plus valuations as biotech companies are eager to list on major European markets despite choppy market conditions. Obesity drug developer Kailer is aiming for a valuation of up to $1.9 billion, while Alamar Bioceences is aiming to reach $1.,1.1 billion. Biotech listings are returning to the stock markets after a drought through 2025, as recent central-bank rate cuts help capital flow back into the equity markets. Kailero'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. Alamar is marketing 33.3 million shares in its IPO priced between $14 and $16 each.