Odyssey Therapeutics Prices Upsized $304 Million IPO and Private Placement Ahead of Nasdaq Debut

New updates have been reported about Odyssey Therapeutics.

Odyssey Therapeutics has priced an upsized initial public offering of 15,500,000 shares of common stock at $18.00 per share, positioning the clinical-stage biopharmaceutical company for a Nasdaq Capital Market listing under the ticker “ODTX” on May 8, 2026. The company has also granted underwriters a 30-day option to purchase up to an additional 2,325,000 shares at the same price, potentially increasing total proceeds if fully exercised.

Concurrent with the IPO, Odyssey agreed to sell 1,388,889 shares at $18.00 per share to an affiliate of TPG Life Sciences Innovations in a private placement exempt from SEC registration, bringing expected gross proceeds from the IPO and private deal to approximately $304 million before fees and expenses. All shares are being sold by Odyssey, with the IPO and private placement expected to close around May 11, 2026, subject to customary conditions and with the private placement contingent on completion of the IPO.

J.P. Morgan, TD Cowen and Cantor are leading the book-running for the offering, supported by Wedbush PacGrow and Oppenheimer & Co. as co-lead managers, under an effective Form S-1 registration statement declared effective by the SEC on May 7, 2026. The capital raise is intended to fund advancement of Odyssey’s internally discovered portfolio of autoimmune and inflammatory disease candidates, including its lead program, which is already progressing through multiple clinical milestones.

The company’s strategy centers on precision-targeted medicines designed to address disease pathology and potentially deliver deep, durable remission in indications with significant unmet need, leveraging a proprietary suite of discovery tools and an experienced drug development team. Management cautions that completion of the offering and private placement remains subject to closing conditions, and highlights typical biotech risks around clinical development and regulatory outcomes, as outlined in the “Risk Factors” section of the final prospectus filed with the SEC.

For executives and investors, this transaction represents a key inflection point for Odyssey, providing scale funding to expand its clinical pipeline while transitioning into the public markets under the governance and disclosure framework of a Nasdaq-listed issuer. The IPO structure, combined with the strategic participation by a life sciences-focused investor via the private placement, underscores external confidence in Odyssey’s platform while also concentrating execution risk on timely clinical progress and efficient capital deployment.