An upsized raise of approximately USD 304 million positions Odyssey Therapeutics among the larger clinical-stage biotech listings of the current market cycle, with an affiliate of TPG Life Sciences Innovations anchoring a concurrent private placement at IPO price.
Odyssey Therapeutics Inc (Nasdaq: ODTX), a Boston-based clinical-stage biopharmaceutical company focused on autoimmune and inflammatory diseases, priced an upsized IPO of 15,500,000 shares of common stock at USD 18.00 per share on the Nasdaq Capital Market. Gross proceeds from the offering and a concurrent private placement are expected to total approximately USD 304 million before underwriting discounts, placement agent fees, and other expenses.
In addition to the primary offering, the company sold 1,388,889 shares to an affiliate of TPG Life Sciences Innovations at the IPO price of USD 18.00 per share in a private placement. The underwriters hold a 30-day overallotment option to purchase up to an additional 2,325,000 shares. Trading under the ticker ODTX was expected to begin May 8, 2026, with closing of both the offering and the private placement expected on or about May 11, 2026. J.P. Morgan, TD Cowen, and Cantor acted as joint book-running managers.
The company's lead asset is OD-001, an oral small molecule scaffolding inhibitor of receptor-interacting serine/threonine-protein kinase 2 (RIPK2), being developed for ulcerative colitis. The filing states the company achieved clinical proof-of-concept for OD-001 in a Phase IIa monotherapy trial in March 2026, with topline induction results reported in April 2026. A second program, OD-002, an oral inhibitor of SLC15A4, is in IND-enabling studies. The filing did not disclose specific efficacy rates or response figures from the Phase IIa induction data. No US FDA special designations, including Fast Track, Breakthrough Therapy, or Orphan Drug status, were disclosed for any program.