By Prakhar Srivastava
May 8 (Reuters) – Odyssey Therapeutics secured a valuation of $899.9 million after its shares rose 11.1% in their Nasdaq debut on Friday, signaling solid investor demand for biotech offerings.
The shares of the autoimmune disease-focused biotech opened at $20, above the offer price of $18.
The Boston-based company raised $279 million in its upsized U.S. initial public offering on Thursday after selling 15.5 million shares at the top end of its marketed range of $16 to $18 per share.
Odyssey’s debut adds to signs of renewed momentum in the biotech IPO market, with the recent wave spanning treatments for blood clotting, respiratory disease and depression.
Weight-loss drug developer Kailera Therapeutics and proteomics company Alamar Biosciences posted strong debuts last month, encouraging more drug developers to test public markets.
The trend suggests the “biotech IPO window is open again after a lackluster 2025”, with investor risk appetite beginning to return, said IPOX Research Associate Lukas Muehlbauer.
Founded in 2021 by Dr. Gary D. Glick, the company focuses on developing treatments for autoimmune and inflammatory diseases. Its treatment OD-001 is in a mid-stage trial for ulcerative colitis, one of the two main types of inflammatory bowel disease.
Glick’s previous biotech venture, Scorpion Therapeutics, was acquired by Eli Lilly in 2025 for up to $2.5 billion.
“In a biotech market where M&A remains an important exit route for recently listed companies, investors may view Glick’s history as adding to Odyssey’s appeal,” said Muehlbauer, adding Glick’s track record could boost confidence in management’s ability to build strategic value.
J.P. Morgan, TD Cowen and Cantor were among the underwriters for the offering.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Vijay Kishore)
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