Odyssey Therapeutics, a Phase 2 biotech developing precision therapies for autoimmune diseases, raised $279 million by offering 15.5 million shares at $18, the high end of the $16 to $18 range. The company originally filed to offer 13.2 million shares. Existing shareholder TPG Life Sciences Innovations invested $25 million at $18 per share in a concurrent private placement.
Odyssey is a biotech focused on developing targeted therapies for autoimmune and inflammatory diseases. The company leverages expertise in immunobiology and drug discovery to identify and inhibit key signaling pathways that drive disease. Its lead programs include oral small-molecule candidates targeting RIPK2 and SLC15A4, with its most advanced drug showing early clinical efficacy in ulcerative colitis and others in preclinical development. Odyssey aims to address conditions such as inflammatory bowel disease and lupus, where treatment options remain limited.
The Boston, MA-based company will trade on the Nasdaq under the symbol ODTX. J.P. Morgan, TD Cowen, and Cantor Fitzgerald acted as joint bookrunners on the deal.
