Ironwood Pharmaceuticals Inc. (IRWD) said Monday it has commenced an underwritten public offering of 10.5 million shares of its Class A common stock. All of the shares are being offered by Ironwood.
The company will grant the underwriters a 30-day option to purchase up to an additional 1.575 million shares in connection with the offering.
Ironwood plans to use the net proceeds from the offering to support the commercial launch of LINZESS (linaclotide) in the U.S. and to fund linaclotide development opportunities to strengthen the clinical profile of LINZESS and expand the product label for additional populations and indications, in addition to general corporate purposes.
J.P. Morgan and BofA Merrill Lynch are acting as joint bookrunning managers and as representatives of the underwriters for the offering. Morgan Stanley is acting as bookrunning manager.
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