Generate Biomedicines has set terms for its initial public offering, seeking to raise approximately $400 million by offering 25,000,000 shares at a price range of $15.00 to $17.00 per share (Generate Biomedicines S-1_A). At the $16.00 midpoint, the company would raise roughly $400 million in gross proceeds and debut with an implied post-IPO market capitalization of approximately $1.6 billion, excluding any underwriters’ option. The company plans to list on the Nasdaq under the ticker GENB, with Goldman Sachs, Morgan Stanley, Piper Sandler, Guggenheim Securities, and Cantor leading the offering.
Founded in 2018 and headquartered in Somerville, Massachusetts (Generate Biomedicines S-1_A), Generate is building a generative biology platform that applies machine learning to design novel protein therapeutics. By combining computational modeling with laboratory validation, the company aims to engineer biologics with defined structure and function, potentially accelerating discovery timelines and expanding druggable targets.
The pipeline includes a long-acting antibody candidate targeting severe asthma, a large biologics market where durability and dosing profile remain key competitive factors. Beyond its internal programs, Generate has secured strategic collaborations with major pharmaceutical companies, including six confidential programs with Amgen announced in 2022 and multiple confidential programs with Novartis announced in 2024 (Generate Biomedicines S-1_A). These partnerships provide platform validation and contribute collaboration revenue while allowing the company to retain wholly owned development assets.
Financially, Generate remains a development-stage biotech. Collaboration revenue increased to $31.9 million in FY 2025 from $20.5 million in FY 2024, while research and development expenses rose to $224.7 million from $175.3 million as pipeline investment accelerated. Net loss widened to $203.2 million in FY 2025 compared to $173.8 million the prior year, reflecting continued clinical advancement.
The IPO comes amid renewed enthusiasm for artificial intelligence across sectors, though biotech investors remain focused on clinical validation and capital discipline. Generate’s positioning blends AI momentum with a tangible asthma program and pharmaceutical partnerships. The bull case hinges on platform scalability and successful clinical differentiation; the bear case centers on execution risk and the reality that AI-enabled discovery must ultimately prove itself through data.
With a proposed $400 million raise and meaningful big pharma collaborations in place, Generate Biomedicines enters the public markets as a platform-driven biotech seeking to translate computational design into clinical proof and long-term therapeutic value.
Generate Biomedicines is expected to trade Friday, February 27th, 2026.