Flagship Pioneering’s Generate:Biomedicines is aiming for a major public debut that could value the company in the multibillion‑dollar range, raising capital to fund late‑stage programs and platform expansion. The IPO prospectus highlights plans to support pivotal studies for its lead anti‑TSLP antibody in severe asthma and early cancer candidates. The filing underscores investor appetite for platform‑driven biotechs that couple advanced AI and biology capabilities with clinical assets. Market watchers note that a large raise could set the tone for additional biotech IPOs in 2026.