Odyssey Therapeutics priced its IPO at $304 million, or $18 a share, on Thursday — at the top of its anticipated range after upsizing from an original 13.2 million shares to 15.5 million.
That’s well above the $205.2 million in net proceeds Odyssey predicted as recently as Monday. A private placement of 1.4 million shares to a TPG Life Sciences Innovations affiliate is baked into the $304 million figure, and underwriters can buy another 2.3 million shares at the same price, adding up to $41.8 million more.
The week prior, Hemab Therapeutics raised over $300 million and Seaport Therapeutics crossed $250 million in separate Nasdaq IPOs. Kailera Therapeutics set the high bar last month with a $625 million obesity offering.
So what’s Odyssey actually selling? The lead asset is OD-001, a RIPK2 inhibitor headed for phase 2 trials in ulcerative colitis as a monotherapy and combined with Takeda’s Entyvio. The company’s earmarked $135 million for that program alone. Another $50 million funds a preclinical SLC15A4 inhibitor for lupus and other B cell-mediated autoimmune diseases, an approach Odyssey argues is more effective than targeting TLR7/8, a popular autoimmune drug target.
CEO Gary Glick isn’t new to exits: his prior company, Scorpion Therapeutics, sold to Eli Lilly for $2.5 billion in January 2025. Odyssey has raised $726.5 million in total private capital since 2021, with OrbiMed as the original backer.
Shares list Friday as ODTX.
Diana Kowalski