Generate Biomedicines priced a $400 million IPO to bankroll pivotal trials of its anti‑TSLP antibody and expand its AI‑driven protein design platform. The Flagship Pioneering‑backed company sold 25 million shares at $16 apiece and plans to allocate roughly $300 million to two phase‑3 asthma studies for GB‑0895, with additional proceeds earmarked for COPD and platform work. The company framed the offering as a market vote for AI‑enabled biologics: Generate will use a portion of proceeds to advance two other early clinical programs and platform efforts including an armored CAR‑T and an MMAE‑neutralizing antibody. Management told investors the cash should fund the phase‑3 programs and near‑term platform milestones without immediate need for follow‑on financing. For industry players, the IPO signals renewed investor risk appetite for programmable‑biology companies and large IPOs in biotech this quarter. It also underscores the growing market expectation that AI‑driven design platforms can shorten timelines to clinic — a narrative Generate leaned on heavily in its roadshow materials.