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The Boston Globe

Business

Ironwood prices stock offering

Ironwood Pharmaceuticals Inc., looking to prepare for the launch of a drug to treat irritable bowel syndrome with constipation, announced the pricing of an underwritten public offering of 5.25 million shares of its Class A common stock at a price of $15.09 per share.

All shares are being offered by Ironwood, and the gross proceeds are expected to be $79.2 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Ironwood, the company said in a press release.

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The company said it intends to use the net proceeds from this offering for general corporate purposes, including to further strengthen its balance sheet in advance of the potential market launch of linaclotide. Linaclotide is an investigational drug for the treatment of irritable bowel syndrome with constipation and chronic constipation. The drug candidate still requires regulatory approval.

J.P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint active bookrunning managers, and Morgan Stanley & Co. LLC is acting as passive bookrunning manager of the offering. Ladenburg Thalmann & Co., Inc. is acting as a co-manager of the offering.

The offering is expected to close Feb. 15.

Chris Reidy can be reached at reidy@globe.com.
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