UBS Odyssey Therapeutics (ODTX.US): A Novel Oral Potential Therapy in IBD; Catalysts in H2 2027: Initiation with a Buy Rating
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UBS initiates coverage of Odyssey Therapeutics (ODTX.US) with a Buy rating and a $27 target price. The lead asset OD-001, a novel oral RIPK2 inhibitor, achieved a 27% clinical remission rate in a single-arm Phase 2a ulcerative colitis (UC) study, marking it as a potentially differentiated IBD therapy in a market UBS expects to reach $40-50 billion by 2035. UBS models risk-adjusted 2035 sales of $1.2 billion across UC and Crohn's disease, applying 40% and 30% probabilities of success respectively — roughly $860 million in UC and $310 million in CD. The key catalyst is the Phase 2a combination readout with Takeda's Entyvio in H2 2027, where UBS targets a clinical remission rate of about 40%. Additional pipeline programs targeting TNFR2, SLC15A4 and IL-33/TSLP are expected to enter the clinic in 2027; OD-002 (SLC15A4) is the most advanced beyond OD-001. Trial starts include the OD-001 monotherapy Phase 2b and the Entyvio combination Phase 2a in H2 2026, with 12-week data in H2 2027 and maintenance data in H2 2028.
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