Generate Biomedicines, Inc. (GENB Proposed), a clinical biology company developing a treatment for severe asthma, launched its $400 million IPO early today – Monday, Feb. 23, 2026 – for pricing later this week. (Please see the IPO Calendar for the pricing date.) In its S-1/A filing, Generate Biomedicines disclosed the IPO’s terms – 25 million shares at a price range of $15.00 to $17.00 to raise $400 million, if priced at the $16.00 mid-point of its range. This is a NASDAQ listing.
Goldman Sachs and Morgan Stanley are leading the joint book-running team, which includes Piper Sandler, Guggenheim Securities and Cantor.
Generate Biomedicines would have a market cap of about $2.04 billion, if priced at the $16.00 mid-point of its range.
The Somerville, Massachusetts-based company intends to use the IPO’s proceeds to fund two Phase 3 clinical trials of its lead product candidate, GB-0895, as a treatment for severe asthma, the prospectus said.
Generate Biomedicines, Inc. is not profitable, according to financial statements in the prospectus: The company posted a net loss of $222.97 million on revenue of $31.89 million for the year that ended Dec. 31, 2025.
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