Generate Biomedicines priced a landmark IPO, raising roughly $400 million to advance its AI‑designed pipeline and fund pivotal phase 3 trials for its anti‑TSLP antibody GB‑0895 in severe asthma. The company plans to allocate approximately $300 million to complete two phase 3 studies and the remainder toward platform work and additional programs, including a program in COPD and earlier-stage assets. Generate, founded by Flagship Pioneering, emphasizes its programmable biology platform that uses machine learning to craft protein therapeutics and long‑acting antibodies. Management framed the proceeds as sufficient to execute near‑term clinical milestones while continuing to scale AI‑driven discovery. The offering marks one of the largest biotech IPOs recently and highlights renewed investor appetite for AI‑enabled drug developers, though the company still faces the standard clinical and regulatory risks tied to late‑stage respiratory programs.