T. Rowe Price Associates Join $370 Million Series B for Generate Biomedicines

Generate Biomedicines, a Cambridge, MA-based provider of a drug generation platform, raised $370M in Series B funding round.

The financing round included the company’s founder, Flagship Pioneering, along with several institutional co-investors, including: a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Alaska Permanent Fund, Altitude Life Science Ventures, ARCH Venture Partners, Fidelity Management & Research Company LLC, Morningside Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc.

The company intends to use the funds to continue to expand its platform, scale the orga­ni­za­tion, and advance mul­ti­ple pro­grams toward IND.

Led by Mike Nally, Chief Executive Officer, Generate Biomedicines leverages a machine learning-powered Generative Biology platform that can invent new drugs across a wide range of protein modalities. The platform can rapidly generate antibodies, peptides, enzymes, cell and gene therapies to meet any therapeutic need.

Today the company has approximately 80 employees with plans to scale to roughly 500 over the next two years. In addition, Generate is building two facilities that will expand its computational biology, machine learning, data generation, and wet lab capabilities.