AI Protein Biotech Generate:Biomedicines Lands $400 IPO, Biggest in a While
The Flagship Pioneering-founded Generate Biomedicines has sold 25 million shares at $16 per share under the ticker GENB, raising $400 million, with the potential to reach $460 million if underwriters exercise their option to buy an additional 3.75 million shares at the same price. The listing is set to close on March 2nd.
Recent offerings from Eikon Therapeutics, SpyGlass Pharma, AktisOncology, and AgomAb indicate increased activity in early 2026 public markets. Generate’s raise exceeds Eikon’s February 2026 $380 million IPO, placing it among the largest recent financings for a clinical-stage, AI-enabled biotech.
Prior to the IPO, Generate had secured nearly $700 million in private equity financing since its founding in 2018, including a $370 million Series B in 2021 and a $273 million Series C in 2023. The company has also signed large pharmaceutical partnerships, including a collaboration with Amgen valued at up to $1.9 billion and a separate agreement with Novartis reportedly exceeding $1 billion, both focused on AI-designed protein therapeutics.
Approximately $300 million of the IPO proceeds are to be allocated to advancing AI-designed GB-0895 through two ongoing Phase 3 trials in severe asthma, enrolling roughly 1,600 patients. The candidate targets an upstream inflammatory cytokine implicated in asthma pathophysiology, and is being designed to be long-lasting.
Generate has positioned GB-0895 as a potential competitor to AstraZeneca’s tezepelumab, reporting substantially higher binding affinity in preclinical comparisons.
Around $100 million will support a Phase Ib trial and further clinical development of the same antibody in chronic obstructive pulmonary disease with a separate phase 1 study. Remaining funds are designated for broader research and pipeline expansion.
GB-0895 was designed using Generate’s internal machine learning platforms, which combine generative protein modeling with high-throughput experimental validation in a closed generate–build–measure–learn cycle.
Beyond GB-0895, Generate is advancing other AI-designed candidates:
- GB-4362, designed to bind and neutralize free monomethyl auristatin E (MMAE) (a highly potent cytotoxic payload commonly used in antibody-drug conjugates) to reduce off-target toxicity in healthy tissues;
- GB-5267, an engineered CAR-T cell therapy targeting the MUC16 antigen expressed on many ovarian cancer cells, developed in collaboration with Roswell Park Comprehensive Cancer Center for patients with platinum-resistant cancer.
Topic: Biotech Ventures
