Flagship-supported Generate Biomedicines Secures $400 Million Through IPO

Generate Biomedicines Secures $400 Million in IPO

Generate Biomedicines Inc., a biotechnology company based in Somerville, Massachusetts, has raised $400 million through its initial public offering. The company set its share price at $16, which falls in the middle of its previously announced range of $15 to $17 per share. According to sources, investor demand for the offering exceeded the available shares.

Key Details of the Offering

• 25 million shares were sold at $16 each.
• The IPO values Generate Biomedicines at approximately $2 billion, based on the number of outstanding shares.

Biotech IPO Market Trends

So far this year, biotechnology and pharmaceutical companies have collectively raised $1.4 billion through IPOs, surpassing the $915 million raised during the same period in 2025, according to Bloomberg data. The five companies that have gone public in 2026 have seen their shares rise by an average of 41%, with VeraDermics Inc.—a company focused on hair restoration—leading the pack with a 152% increase in its stock price since its $295 million IPO.

Ownership and Leadership

• Noubar Afeyan, Generate’s board chair and co-founder of Moderna Inc., is expected to control 49% of the company’s shares after the IPO through Flagship Pioneering, a firm that launches and invests in biotech ventures.
• Michael Nally, the CEO, is projected to own 5.6% of the company’s shares.

Company Background and Financials

Founded in 2018 by Flagship Pioneering, Generate Biomedicines raised $273 million in a Series C funding round in 2023, attracting investors such as Amgen Inc., Nvidia’s venture capital arm, MAPS Capital (part of Mirae Asset Group), and Pictet Alternative Advisors. The company has also received $110 million from partnership agreements with Novartis AG and Amgen.

In 2025, Generate reported a net loss of $223 million, which was higher than its $181 million loss in 2024.

IPO Details

• Goldman Sachs and Morgan Stanley are leading the IPO process.
• Generate Biomedicines will begin trading on the Nasdaq under the ticker symbol GENB.

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