Odyssey Therapeutics, a maker of medicines for autoimmune disorders, has brought in $279 million through an initial public offering that’s been more than a year in the making.
Selling 15.5 million shares at $18 each, Odyssey on Thursday raised more than what it expected and became the latest drug company of late to top $250 million in IPO proceeds. The company also added another $25 million to its haul via a concurrent private stock sale at the IPO price. Odyssey is now the 11th biotech company to go public so far this year, according to BioPharma Dive data, and will start trading on the Nasdaq stock exchange on Friday under the ticker symbol “ODTX.”
Odyssey is led by Gary Glick, a biotech veteran who’s led multiple drug startups that were later acquired. Glick launched the company in 2021 with backing from the likes of OrbiMed and SR One, and it’s since netted $727 million in venture funding.
The startup planned a Wall Street run in early 2025 only to change course a few months later. In a Securites and Exchange Commission filing last June, Glick wrote it was “not in the best interests” of Odyssey to go public “at this time.” The company reeled in $213 million in a Series D round three months later instead. Only 11 drugmakers went public in 2025, the lowest total since at least 2018, BioPharma Dive data show.
