Overview
- Odyssey Therapeutics began trading on Nasdaq as ODTX and opened at $20, above the $18 offer price, valuing the company near $900 million.
- The company raised $279 million by selling 15.5 million shares at $18 each, the top of its marketed range of $16 to $18.
- Underwriters received a 30-day option to buy up to 2,325,000 additional shares at the IPO price, which could increase total proceeds.
- An affiliate of TPG Life Sciences Innovations agreed to buy 1,388,889 shares in a concurrent private placement at $18 per share, contingent on the IPO closing.
- Odyssey plans to use the funds to advance OD-001, a mid-stage ulcerative colitis drug candidate, which could speed studies for patients with inflammatory bowel disease.