May 7 (Reuters) – Biopharmaceutical company Odyssey Therapeutics has raised $279 million in its upsized U.S. initial public offering, the company said on Thursday.
The Boston-based company sold 15.5 million shares at $18 apiece, compared with its marketed range of $16 to $18 per share.
U.S. biotech IPOs have seen a revival in 2026 amid President Donald Trump’s policy shifts and sweeping changes to the U.S. Food and Drug Administration.
Drug developers Seaport Therapeutics, Hemab Therapeutics, biotech firm Alamar Biosciences, and weight-loss drug developer Kailera Therapeutics are a few companies to tap the equity market in the past few weeks.
Odyssey focuses on developing treatments for autoimmune and inflammatory diseases. Its treatment, OD-001, is in a mid-stage trial for ulcerative colitis, one of the two main types of inflammatory bowel disease.
Founded in 2021, the company has raised approximately $726.5 million from over 30 investors.
The company was founded by Dr. Gary D. Glick, who also serves as chief executive officer and previously founded Scorpion Therapeutics, which was acquired by Eli Lilly in 2025 for up to $2.5 billion in cash.
The company plans to use the proceeds primarily for clinical development of OD‑001 and for other general corporate purposes.
J.P. Morgan, TD Cowen, and Cantor are among the underwriters for the offering. It intends to begin trading on Nasdaq on Friday under the symbol “ODTX”.
(Reporting by Pragyan Kalita in Bengaluru and Natalia Bueno Rebolledo in Mexico Ciry; Editing by Subhranshu Sahu and Rashmi Aich)
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