Biopharmaceutical firm Odyssey Therapeutics announced Monday its plans to go public with a stock offering that could value the company at nearly $810 million.
The drug development company plans to sell 13.2 million shares at a price range of $16 to $18 per share, which would generate up to $238.3 million in funding.
This announcement comes as the market for initial public offerings shows signs of recovery. Investment research firm Renaissance Capital reports that April saw the highest number of new IPO filings in more than four years, suggesting increased activity in public stock debuts may be ahead.
Odyssey Therapeutics plans to trade its shares on the Nasdaq Capital Market using the ticker symbol “ODTX.”
Major financial institutions including J.P. Morgan, TD Cowen and Cantor will serve as the lead underwriters managing the stock offering.
