A Massachusetts-based pharmaceutical company announced Monday its plans to enter the stock market with a potential company valuation reaching $2.17 billion.
Generate Biomedicines, headquartered in Somerville and supported by investment firm Flagship Pioneering, plans to collect as much as $425 million through its public stock debut. The company intends to sell 25 million shares with each share priced between $15 and $17.
The biotechnology sector is experiencing renewed momentum in 2024 following a disappointing previous year, as declining interest rates and increased investment capital create favorable conditions for companies going public.
Several major financial institutions will manage the stock offering, including Goldman Sachs, Morgan Stanley, Piper Sandler, Guggenheim Securities, and Cantor.
The pharmaceutical company plans to trade on the Nasdaq stock exchange using the ticker symbol “GENB.”
