Odyssey IPO: shares of biotech with a novel approach to autoimmune diseases began trading

Preliminary trading in shares of biotech Odyssey Therapeutics, which develops drugs for the treatment of autoimmune and inflammatory diseases, began in the trading system for Freedom clients. Later on Ma. 8, the company's securities will appear on the Nasdaq under the ticker ODTX.

Biotech company Odyssey Therapeutics raised $279 million in an IPO on the New York Stock Exchange. It offered 15.5 million shares at $18, the upper end of its previously announced price range.

The listing was organized by JPMorgan, TD Cowen and Cantor. The co-organizers were Wedbush PacGrow and Oppenheimer. The underwriters received a 30-day option to purchase up to 2.3 million additional shares at the initial public offering price less the underwriter discount.

Concurrently in a private placement, Odyssey sold nearly 1.4 million shares at $18 to an affiliate of TPG Life Sciences, the press release said, raising $304 million, excluding the underwriters' option.

After the IPO, SR One Capital Management, an affiliate of SR One Capital Management, will hold a 7.2% stake, with OrbiMed Private Investments holding 6%, Bloomberg points out. These are two venture capital firms that specialize in investing in healthcare startups.

Odyssey plans to spend most of the proceeds from the deal on clinical trials of its drugs, with the rest on additional research and general corporate purposes, according to the IPO prospectus sent to the regulator.

Odyssey Therapeutics was founded in 2021 by chemist and biotech "serial entrepreneur" Gary Glick. In particular, he co-founded cancer drug developer Scorpion Therapeutics, which was bought by pharma giant Eli Lilly in 2025.

Odyssey is developing drugs against autoimmune diseases. Here's how the company describes its scientific approach. The immune system is innate and acquired. The latter is formed during life through contact with viruses and bacteria, as well as after vaccination. Its role in the development of disease is well understood, and these discoveries have been the basis for a large number of drugs, but knowledge of innate immunity has lagged behind, and only recently has there been sufficient understanding of how it works for drug development. Odyssey believes this could lead to more effective and safer immunomodulators. That's exactly what she's doing.

Among its major developments are OD-001 against two autoimmune bowel diseases - ulcerative colitis and Crohn's disease - and OD-002 against cutaneous lupus erythematosus, which manifests with spots, and nephropathy, a kidney lesion.

The company is not yet generating 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 the prospectus for the IPO.

This is not Odyssey's first attempt to go public. The company applied for an IPO in 2025, but withdrew it a few months later due to unfavorable market conditions.

In recent weeks, the U.S. IPO market has shown a strong recovery, writes Reuters. According to Renaissance Capital, April was the most successful month in terms of the number of new applications for more than four years.

Freedom Broker analyst Alem Bektemirov set a target price of $21.1 for Odyssey shares, which means a potential upside of 18% to the offering price. He pointed to the large volume of the company's target market for autoimmune disease therapies, which is estimated at $100 bln. However, he warned: the main risks for Odyssey remain disapproval of its drugs or weak research results, which could significantly affect the share price, as well as competition in the market.

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Freedom clients will be able to get access to HawkEye 360 shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the U.S. exchanges open (from 15:30-16:30 Astana time). To participate, click on ticker ODTX.