Generate:Biomedicines filed for a large IPO to raise capital for late‑stage development of its lead antibody programs, targeting up to $425 million in proceeds and a potential valuation exceeding $2 billion. The proceeds are earmarked to bankroll Phase‑3 respiratory studies and broader clinical expansion. Flagship Pioneering’s biotech has attracted investor interest for its AI‑driven discovery platform and an antibody program advancing toward pivotal testing. The planned listing follows a trend of platform companies tapping public markets to fund expensive late‑stage trials. Market observers note that a successful IPO would validate Flagship’s AI‑to‑clinic thesis and provide fuel for scaling trials across respiratory and other indications.