Flagship Pioneering‑backed Generate:Biomedicines filed to raise up to $425 million in a Nasdaq IPO to finance its lead anti‑TSLP antibody through two late‑stage severe asthma trials and to advance earlier oncology programs. The planned offering would be one of the largest biotech IPOs of the year and aims to bankroll both clinical development and platform growth. Generate has earmarked a substantial portion of proceeds for late‑stage trials of GB‑0985 and expects to use remaining funds to advance oncology candidates and platform engineering. The timing of the IPO follows a broader rebound in biotech public markets for later‑stage, asset‑backed companies. Investors will watch the company’s ability to translate platform outputs into late‑stage, de‑risked assets and to demonstrate clinical differentiation in crowded respiratory and immunology markets.