Odyssey Therapeutics , a biopharmaceutical company based in Boston, raised $279 million through an upsized U.S. initial public offering, the company announced on Thursday.
The company sold 15.5 million shares priced at $18 each, which was at the upper end of its previously marketed range of $16 to $18 per share.
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U.S. biotech initial public offerings have experienced a resurgence in 2026, driven by policy changes introduced by Donald Trump and broad regulatory shifts within the U.S. Food and Drug Administration.
Drug developers Seaport Therapeutics, Hemab Therapeutics, Alamar Biosciences, and Kailera Therapeutics are among several biotechnology companies that have recently entered the equity markets through public offerings in recent weeks.
Odyssey Therapeutics is focused on developing treatments for autoimmune and inflammatory diseases. Its lead treatment candidate, OD-001, is currently being evaluated in a mid-stage clinical trial for ulcerative colitis, one of the primary forms of inflammatory bowel disease.
Founded in 2021, the company has raised approximately $726.5 million from more than 30 investors. Odyssey Therapeutics was established by Gary D. Glick, who serves as chief executive officer and previously founded Scorpion Therapeutics , a company acquired by Eli Lilly and Company in 2025 in a deal valued at up to $2.5 billion in cash.
Odyssey Therapeutics said it plans to use the proceeds from the offering primarily to support the clinical development of OD-001, along with funding for general corporate activities and operations.
J.P. Morgan, TD Cowen, and Cantor Fitzgerald are among the underwriters managing the offering. The company is expected to begin trading on the Nasdaq on Friday under the ticker symbol “ODTX.”
