May 8 (Reuters) – Odyssey Therapeutics shares rose 11.1% in its Nasdaq debut on Friday, giving the biopharmaceutical firm a valuation of $899.9 million.
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.
The debut adds to signs of renewed momentum in the biotech IPO market, after weight-loss drug developer Kailera Therapeutics and proteomics company Alamar Biosciences also posted strong debuts last month, encouraging more drug developers to test public markets.
Founded in 2021, 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.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Vijay Kishore)
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