Odyssey Therapeutics raised $304 million through an upsized IPO and concurrent private placement, putting fresh capital behind its ulcerative colitis program and expanding its autoimmune pipeline. The company priced 15.5 million shares at $18 each, with additional shares sold to an affiliate of TPG Life Sciences Innovations and an over-allotment option for underwriters. Odyssey’s lead asset, OD-001, is an oral small-molecule inhibitor targeting RIPK2. The company intends to support Phase 2 studies in ulcerative colitis, including trials as monotherapy and in combination with Takeda’s Entyvio, and plans to advance a separate SLC15A4 program into early clinical development. The listing also underscores investor appetite for internally developed immunology drugmakers targeting defined mechanisms in inflammatory bowel disease and other autoimmune indications, as Odyssey had previously pulled an earlier IPO attempt before returning to the public markets this year.