How much money did Generate Biomedicines raise in its IPO?

Generate Biomedicines raised $400 million in its U.S. initial public offering.

What technology does Generate Biomedicines use for drug discovery?

Generate Biomedicines uses AI-driven technology to develop new protein-based therapies.

What is Generate Biomedicines' lead drug candidate for?

Generate Biomedicines' lead drug candidate, GB-0895, is for severe asthma and is in late-stage trials.

Home / Business and Economy / AI Drug Developer Raises $400M in Volatile IPO Market

AI Drug Developer Raises $400M in Volatile IPO Market

27 Feb

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Summary

Generate Biomedicines raised $400 million in its U.S. IPO.
The company priced shares at $16 each in a volatile market.
AI-driven technology is used for protein-based therapies.

AI Drug Developer Raises $400M in Volatile IPO Market

Generate Biomedicines has secured $400 million through its U.S. initial public offering, with shares priced at $16 apiece. This significant funding comes amidst a challenging and volatile IPO market, influenced by broader concerns about artificial intelligence potentially disrupting established industries.

The U.S.-based drug developer, founded by Flagship Pioneering in 2018, utilized its AI-driven platform to achieve this milestone. This technology moves beyond traditional drug discovery methods to create novel protein-based therapies, primarily targeting the fields of immunology and oncology.

Generate Biomedicines' lead drug candidate, GB-0895, aimed at treating severe asthma, is currently undergoing late-stage trials. The company anticipates full enrollment for this crucial study by the first half of 2028. Trading under the ticker symbol "GENB" on the Nasdaq is scheduled to commence on Friday.

The offering was managed by a syndicate of underwriters, including Goldman Sachs, Morgan Stanley, Piper Sandler, Guggenheim Securities, and Cantor.

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