Generate Biomedicines priced a $400 million IPO, selling 25 million shares at $16 each, to bankroll pivotal phase‑3 trials of its TSLP‑targeting antibody GB‑0895 and additional platform programs. The Flagship Pioneering‑backed company plans to allocate roughly $300 million toward two phase‑3 asthma trials and retain capital for other clinical and platform activities. Generate’s offering is among the largest biotech IPOs in nearly three years and underscores investor appetite for AI‑designed biologics. Management highlighted the candidate’s engineered half‑life aimed at infrequent dosing and signaled continued investment in AI‑driven protein design. The raise will also support competing commercial ambitions in the respiratory market, where large incumbents and adjacent biologics already dominate, making trial readouts and regulatory execution critical near‑term value drivers.