Ironwood Pharmaceuticals, Inc. (IRWD) said Tuesday that it has priced an underwritten public offering of 10.5 million shares of its Class A common stock at a price of $13.00 per share to the public.
The gross proceeds to Ironwood from this offering are expected to be about $136.5 million, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by Ironwood.
The offering is expected to close on May 24.
The company plans to use the net proceeds from the offering to support the commercial launch of LINZESS in the U.S. and to fund additional linaclotide development opportunities to strengthen the clinical profile of LINZESS and expand the product label into additional populations and indications, as well as advance other research and development programs in its pipeline, in addition to general business operations.
For comments and feedback: editorial@rttnews.com