May 4 (Reuters) – Biopharmaceutical company Odyssey Therapeutics said on Monday it is targeting a valuation of up to $809.9 million in its initial public offering in the United States, as investors warm up to drug developers.
The Boston-based company is seeking to raise up to $238.3 million by offering 13.2 million shares priced between $16 and $18 apiece.
The U.S. IPO market has made a strong comeback in recent weeks, setting the stage for a pickup in listings in coming months.
Last month, weight-loss drug developer Kailera Therapeutics, Alamar Biosciences and nuclear reactor maker X-Energy made stellar market debuts.
April marked the biggest month for new filings in more than four years, according to Renaissance Capital, a provider of IPO-focused research and ETFs. This despite a volatile first quarter amid a sell-off in tech stocks, private credit strains and the Middle East conflict weighing on risk appetite.
Meanwhile, on Monday, emergency medical services provider GMR Solutions, Nvidia rival Cerebras, medical device maker Mobia and energy developer Fervo also disclosed their IPO pricing details.
Coming back to Odyssey, 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.
It intends to list on Nasdaq under the symbol “ODTX”.
J.P. Morgan, TD Cowen and Cantor are among the underwriters for the offering.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shinjini Ganguli and Diti Pujara)
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