Odyssey Therapeutics priced an upsized IPO and concurrent private placement to fund autoimmune and inflammatory pipeline assets and complete its return to public markets. The company raised $304 million in gross proceeds by selling 15.5 million shares at $18 each, with an additional $25 million private investment from an affiliate of TPG Life Sciences Innovations. Odyssey’s lead program, OD-001, is an oral small-molecule inhibitor targeting RIPK2, aimed at ulcerative colitis with plans to study the drug as monotherapy and in combination with Takeda’s Entyvio. The company also plans to move a preclinical SLC15A4 program into a phase 1/2a trial. The IPO arrives amid a broader re-acceleration in large biotech financings, as investors show renewed appetite for immunology franchises with near-term clinical catalysts.