Asthma-focused biotech firm Generate Biomedicines on Monday filed plans with U.S. regulators to raise around $400 million in its initial public offering led by Goodwin Procter LLP and Latham & Watkins LLP.

The Phase 3 biotech plans to offer 25 million shares for $15 to $17 each, raising $400 million at midpoint, according to a Monday filing with the U.S. Securities and Exchange Commission.

Based in Somerville, Massachusetts, Generate Biomedicines uses an artificial intelligence discovery platform to create medicines for severe asthma, the filing said.

"Our vision is to program biology to generate optimal therapeutics for the greatest impact on human health," the company said in its filing. "Central to our vision is the Generate Platform, designed to be a therapeutic area and protein modality agnostic system integrating computational innovation with scalable biohardware to address therapeutic challenges beyond the reach of traditional technologies."

Its lead product candidate, called GB-0895, is an investigational long-acting monoclonal antibody that is in development to treat severe asthma, the filing said.

"Severe asthma represents a substantial unmet medical need, with industry sources suggesting that only 15% to 25% of eligible patients receive biologic therapy," the company said in its filing. "There are adherence and persistence challenges with existing shorter-acting biologic agents, and GB-0895's potential … dosing regimen is designed to reduce injection frequency to address these challenges."

The company is backed by life sciences-focused venture capital firm Flagship Pioneering, which the SEC filing noted is Generate Biomedicines' lead investor.

The company was founded in 2018 and reported $32 million in revenue for the year ended Dec. 31. The offering is expected to price during the week of Feb. 23, and the company plans to list its shares on the Nasdaq under ticker symbol GENB.

The Goodwin team advising Generate Biomedicines includes Stuart Cable, Joseph Theis, Stephanie Richards, and Janet Hsueh.

The Latham team advising the underwriters includes Peter Handrinos, Wesley Holmes, and Samuel Niles.