Odyssey Therapeutics raises USD 304m via Nasdaq IPO, backed by TPG Life Sciences affiliate

An upsized raise of approximately USD 304 million positions[ Odyssey Therapeutics](https://app.allsci.com/organization/ASC-OH-0000000043279-1.0-1772142984) 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](https://www.globenewswire.com/news-release/2026/05/08/3290782/0/en/Odyssey-Therapeutics-Announces-Pricing-of-Upsized-Initial-Public-Offering.html) 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](https://www.sec.gov/Archives/edgar/data/1882782/000119312526202398/odtx-20260504.htm), 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. In the Phase IIa trial, OD-001 was evaluated as an open-label monotherapy in ulcerative colitis, the company stated, with the filing describing a positive directional outcome and confirming the proof-of-concept milestone. A Phase IIa combination study with vedolizumab is also planned. Prior Phase I evaluation in healthy volunteers was completed, with the filing stating the compound was well tolerated and provided continuous target coverage. Ulcerative colitis is a chronic inflammatory bowel disease affecting the colon, for which current approved therapies include biologics and small molecules targeting pathways such as integrin, JAK, and S1P; a meaningful proportion of patients do not achieve or sustain remission on available treatments. *** This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: [https://allsci.com/news/](https://allsci.com/news/) --- Spot something wrong? [Report an issue with this article](https://newsgen-prod.reframedata.com/feedback/odyssey-therapeutics-ipo-raises-usd-304m-via)