Generate:Biomedicines priced a $400 million Nasdaq initial public offering to bankroll late‑stage development and platform expansion. The Flagship Pioneering‑founded company earmarked roughly $300 million to complete two Phase III asthma trials of its AI‑engineered anti‑TSLP antibody GB‑0895 and additional proceeds for COPD studies, platform work and early clinical work for antibody and CAR‑T programs. The deal marks the largest biotech IPO since 2024 and signals renewed public market appetite for platform‑driven drug developers. Generate said it may issue an additional 3.75 million shares if underwriters exercise their option, and highlighted clinical plans for two other named programs: GB‑4362 (an MMAE‑neutralizing antibody) and GB‑5267 (an armored CAR‑T for MUC16‑positive ovarian cancer developed with Roswell Park).