Founded in 2021, Odyssey is developing therapies to treat patients with autoimmune diseases like ulcerative colitis, Crohn’s disease, and lupus / Photo: Odyssey Therapeutics
Premarket trading in shares of biotech company Odyssey Therapeutics, which develops drugs for autoimmune and inflammatory diseases, is now available on Freedom’s client trading platform. Later on Friday, the company’s stock will debut during the Nasdaq main session under the symbol ODTX.
Details
Biotech Odyssey Therapeutics has raised $279 million in its IPO on the New York Stock Exchange, selling 15.5 million shares at $18 per share, the upper end of the previously announced price range.
The listing was led by JPMorgan, TD Cowen, and Cantor. Wedbush PacGrow and Oppenheimer acted as comanagers. The underwriters received a 30-day option to purchase up to 2.3 million additional shares at the IPO price, less underwriting discounts.
At the same time, Odyssey sold nearly 1.4 million shares at $18 per share to an affiliate of TPG Life Sciences in a concurrent private placement, according to the press release. As a result, excluding the underwriters’ option, the company raised $304 million.
After the IPO, entities affiliated with SR One Capital Management will hold a 7.2% stake in the company, while OrbiMed Private Investments will own 6%, Bloomberg notes. Both are venture firms specializing in investments in healthcare startups.
Odyssey plans to direct most of the proceeds from the offering toward clinical trials for its drug candidates, with the remainder allocated to additional research and general corporate purposes, according to the prospectus filed with regulators.
About the company
Odyssey Therapeutics was founded in 2021 by chemist and “serial biotechnology entrepreneur” Gary Glick. Among other ventures, he cofounded cancer-drug developer Scorpion Therapeutics, which was acquired by pharmaceutical giant Eli Lilly and Company in 2025.
Odyssey develops drugs targeting autoimmune diseases. The company describes its scientific approach as follows: the immune system consists of innate and adaptive immunity. Adaptive immunity develops over the course of life through exposure to viruses and bacteria, as well as through vaccination. Its role in disease development has been studied extensively, and those discoveries have formed the basis for a large number of drugs. By contrast, understanding of innate immunity had lagged behind, and only recently has science developed a sufficient understanding of how it functions to enable drug development. Odyssey believes this could lead to the creation of more effective and safer immunomodulators. That is the area the company is focused on.
Among its leading drug candidates are OD-001, targeting two autoimmune bowel diseases – ulcerative colitis and Crohn’s disease – and OD-002, aimed at cutaneous lupus erythematosus, which manifests through skin lesions, and nephropathies, or kidney damage.
The company does not yet generate revenue from its core business. Since its founding, it has raised about $726.5 million from leading investors, mutual funds, and global family offices, Odyssey wrote in its IPO prospectus.
What analysts say
This is not Odyssey’s first attempt to go public. The company filed for an IPO last year, but withdrew the filing several months later because of unfavorable market conditions.
In recent weeks, the U.S. IPO market has roared back, Reuters notes. According to Renaissance Capital data, April was the strongest month for new filings in more than four years.
Freedom Broker analyst Alem Bektemirov has set a target price of $21.10 per share for Odyssey stock, implying 18% upside versus the IPO price. He points to the large addressable market for autoimmune-disease therapies, which he estimates at $100 billion. He cautions that the main risks for Odyssey remain potential regulatory rejection of its drugs or weak clinical-trial results, either of which could significantly affect the stock price, in addition to competition in the market.
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Freedom clients will be able to trade Odyssey Therapeutics shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. Investors can participate by selecting the symbol ODTX on the Freedom platform.
