Odyssey Therapeutics floats a $304M IPO to become a 'little large pharma'

Odyssey Therapeutics priced a 15.5 million-share IPO at $18 to raise about $304 million (including a 1.4 million-share private placement with a TPG Life Sciences affiliate; the deal could grow by roughly $41.8 million if underwriters exercise the greenshoe). The proceeds will fund OD-001, a RIPK2 inhibitor for ulcerative colitis in phase 2, and move the preclinical SLC15A4 program into phase 1/2a, among other assets, as CEO Gary Glick pursues a 'little large pharma' model. Odyssey has raised about $726.5 million to date and will list on Nasdaq as ODTX.