Health Firms Odyssey, Mobia Slide After $454 Million IPO Haul

A pair of healthcare companies are edging lower in their trading debuts after raising a combined $454 million in their initial public offerings.

Odyssey Therapeutics Inc. shares dipped about 1% after the biopharmaceutical company raised $304 million in an upsized US IPO and private placement.

The Boston-based company’s shares traded at $17.78 each as of 12:43 p.m. on Friday in New York, below its IPO price of $18 apiece. The IPO ended significantly oversubscribed, people familiar with the matter said earlier.

The trading gives the company a market value of $840.2 million, based on the outstanding shares.

Odyssey sold ...