Drug developer Generate Biomedicines raises $400 million in US IPO
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Generate Biomedicines raised $400 million in its U.S. IPO, pricing shares at $16 each. The offering comes amid a volatile IPO market, influenced by concerns over AI's impact on industries. The company sold 25 million shares, backed by Flagship Pioneering, and will trade on Nasdaq under the ticker "GENB." Generate focuses on AI-driven drug discovery, with its lead candidate for severe asthma in late-stage trials, expected to complete enrollment by mid-2028. Underwriters include Goldman Sachs and Morgan Stanley.
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