AI-driven Generate Biomedicines (GENB) priced its IPO at $16.00 – the mid-point of its range – and sold 25 million shares – the number in the prospectus – to raise $400 million on Thursday night, Feb. 26, 2026.
Generate Biomedicines (GENB) shares slid $1.00 to start trading at $15.00 on NASDAQ shortly before 1 p.m. EST on Friday, Feb. 27, 2026. The biotech’s NASDAQ debut came amid a sharp sell-off in the broad stock market after a strong PPI report early today. Generate Biomedicines’ stock was trading at $13.90 – down $2.10 from its IPO price for a drop of 13.13 percent at 1:13 P.M. EST on Friday on volume of about 1.95 million shares.
At pricing, Generate Biomedicines (GENB) had a market cap of $2.04 billion.
Goldman Sachs and Morgan Stanley led the joint book-running team, which included Piper Sandler, Guggenheim Securities and Cantor.
Generate Biomedicines is using AI and ML (machine learning) with its Generate Platform to develop new drugs, according to the prospectus.
Generate Biomedicines (GENB), based in Somerville, Massachusetts, intends to use the IPO’s proceeds to provide about $300 million to develop its lead product candidate, GB-0895, as a treatment for severe asthma through the completion of its two Phase 3 trials, the prospectus said.
Generate Biomedicines said it intends to spend about $100 million to complete its Phase 1b clinical trial of GB-0895 to treat COPD, according to the prospectus.
In the prospectus, Generate Biomedicines said that GB-0895 is an investigational long-acting anti-thymic stromal lymphopoietin (“TSLP”) monoclonal antibody.
The company is also developing two cancer drugs, known as GB-4362 and GB-5267.
Generate Biomedicines (GENB) has multi-year collaboration agreements with Amgen and Novartis, the prospectus said.
The company was founded in 2018 by Flagship Pioneering, the prospectus said.
Generate Biomedicines – like most biotechs when they go public – is not profitable, according to financial statements in the prospectus: For the year that ended on Dec. 31, 2025, Generate Biomedicines reported a net loss of $222.97 million on collaboration revenue of $31.89 million.
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