Flagship Pioneering’s Generate:Biomedicines filed to raise up to $425 million in an IPO to finance late‑stage development of its lead anti‑TSLP antibody and expand its platform. The raise would bankroll two Phase 3 asthma studies and support additional pipeline programs in respiratory and oncology indications. Generate plans to allocate roughly $300 million toward its lead asset through late‑stage trials, with remaining proceeds funding platform development and early oncology programs. The anticipated public offering aims to capitalize on renewed investor interest in platform biotechs with late‑stage assets. For the biotech capital markets, a successful $425 million IPO would mark one of the largest raises of 2026 and signal continued appetite for science‑driven platform companies that can de‑risk assets to near commercialization.