Flagship-Backed Generate Bio Seeks $425 Million in US IPO (1)

Generate Biomedicines Inc., a biotechnology firm using artificial intelligence in drug development, is seeking to raise as much as $425 million in an initial public offering, as listing activity in the sector picks up sharply.

The Somerville, Massachusetts-based drug developer plans to offer 25 million shares for $15 to $17 each, according to its filing Monday with the US Securities and Exchange Commission. The IPO is expected to price Feb. 26, according to a marketing presentation.

At the top of that range, Generate Biomedicines would have a market value of $2.2 billion based on the outstanding shares listed in ...