Ironwood Pharmaceuticals nets $191mm in FOPO

Ironwood Pharmaceuticals Inc. (therapeutics targeting guanylate cyclase) netted $191mm in a follow-on public offering of 15.8mm Class A common shares (including the overallotment) for $12.75. Proceeds will support continued US marketing of Linzess (linaclotide), launched in December 2012 for IBS with constipation and chronic idiopathic constipation, and co-promoted with Forest under a 2007 deal. Thanks to a recent notice of allowance from the US Patent and Trademark Office on a Linzess patent application, the drug could now have patent protection through 2031. Ironwood will also apply the money to further develop linaclotide (in new indications, formulations, and in combination with other products) and GI drug candidates.