Odyssey Therapeutics prices upsized IPO at $18 per share

Odyssey Therapeutics Inc. announced the pricing of its initial public offering of 15.5 million shares at $18 per share. The clinical-stage biopharmaceutical company also granted underwriters a 30-day option to purchase up to 2.325 million additional shares at the same price.

The company simultaneously announced a private placement of 1.388 million shares to an affiliate of TPG Life Sciences Innovations at the IPO price of $18 per share. The gross proceeds from both transactions are expected to total approximately $304 million before deducting fees and expenses.

Odyssey's common stock is expected to begin trading on the Nasdaq Capital Market on May 8, 2026, under the ticker symbol NASDAQ: ODTX. The offering is scheduled to close on or about May 11, 2026, subject to customary closing conditions.

J.P. Morgan, TD Cowen and Cantor serve as joint book-running managers for the IPO, while Wedbush PacGrow and Oppenheimer & Co. act as co-lead managers.

The company focuses on developing treatments for autoimmune and inflammatory diseases. Founded in 2021, Odyssey has built a portfolio of internally discovered medicines, with its first program advancing through clinical milestones.

The SEC declared the company's registration statement on Form S-1 effective on May 7, 2026. The private placement closing is contingent upon completion of the IPO, though the IPO is not dependent on the private placement's completion.

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