Generate:Biomedicines priced a $400 million Nasdaq IPO, the largest biotech offering since 2024, selling 25 million shares at $16 apiece and retaining an underwriter option that could add $60 million. The Flagship‑founded company plans to allocate roughly $300 million toward two Phase III asthma trials for its AI‑designed anti‑TSLP antibody GB‑0895 and funds for other clinical and platform initiatives. Generate said proceeds will also support a Phase 1b COPD study and platform innovation; the company described additional preclinical programs including an ADC neutralizer and an armored CAR‑T in partnership with Roswell Park. The IPO follows a modest uptick in biotech public market receptivity after a slow 2025. Investors will watch whether GB‑0895 Phase III enrollment and mid‑late clinical milestones validate AI‑designed biologics as IPO‑stage value drivers.