Flagship-Backed Generate Biomedicines Raises $400 Million in IPO

Generate Biomedicines Inc. raised $400 million in an initial public offering, pricing its shares at the midpoint of the marketed range.

The Somerville, Massachusetts-based drug developer sold 25 million shares for $16 each, according to a statement Thursday. Generate was offering the shares for $15 to $17 apiece, according to its earlier filings with the US Securities and Exchange Commission. The deal was oversubscribed, people familiar with the matter have said.

At the IPO price, Generate would have a market value of about $2 billion based on the outstanding shares listed in its filings.

Biotech and pharmaceutical company IPOs ...