Generate Biomedicines Files $425M IPO
AI drug development company Generate Biomedicines filed for a $425 million IPO, targeting treatments for asthma and MUC-16 CAR-T trials. The biotech startup represents the latest in a wave of AI-focused companies seeking public funding to advance drug discovery and development programs.
- The company was founded in 2018 within Flagship Pioneering, the same venture firm that launched Moderna, and is led by CEO Mike Nally, a former executive from Merck. - Generate has already raised substantial private capital, including a $370 million Series B round in 2021 and a $273 million Series C round in 2023. - Proceeds from the IPO are slated to fund two ongoing Phase 3 trials for its lead candidate, GB-0895, an AI-designed antibody for severe asthma, and a Phase 1b trial for the same drug in treating Chronic Obstructive Pulmonary Disease (COPD). - The company has established major, multi-target research collaborations with large pharmaceutical companies, including a partnership with Amgen potentially worth up to $1.9 billion and another with Novartis valued at over $1 billion. - The MUC-16 CAR-T program mentioned is named GB-5267, an investigational therapy for ovarian cancer being co-developed with Roswell Park Comprehensive Cancer Center. MUC16 is a protein over-expressed in more than 80% of ovarian cancers. - The company's "Generative Biology" platform analyzes massive datasets of protein structures to create novel therapeutics; to date, it has generated, built, and tested over 42,000 new proteins. - The proposed offering details a plan to sell 25 million shares at a price range of $15 to $17 per share, with the company intending to list on the Nasdaq under the ticker symbol "GENB".
