Ironwood, AstraZeneca pair up
British drug giant AstraZeneca PLC and Ironwood Pharmaceuticals Inc., a drug development company in Cambridge, are teaming up to develop and then market Ironwood’s new drug for irritable bowel syndrome in China. The drug, called linaclotide, was approved in August by the FDA and is the first in a new class of medicines. The companies will jointly oversee development and marketing in China. The deal calls for Ironwood to receive an upfront payment of $25 million.