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Flagship Pioneering’s AI-focused biotech Generate Biomedicines is looking to complete one of the largest biotech IPOs in years and join a handful of other startups that have gone public to start 2026.
In a Monday SEC filing, Generate estimated it would price its shares at $15 to $17 apiece, translating to a valuation ranging from $1.91 billion to $2.17 billion. That range could wind up higher, as it excludes an underwriter option to buy 25 million additional shares. The Somerville, MA-based biotech expects to raise about $369 million, or up to $425 million if the underwriter option is fully exercised.
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