Business
Ironwood Pharmaceuticals Completes Separation of Cyclerion Therapeutics and Becomes a Gastrointestinal (GI)-focused Healthcare Company
- Ironwood capitalizing on GI leadership and expertise in an effort to bring innovative therapies to patients -- Strategy centered on accelerating LINZESS®
About this update from Ironwood Pharmaceuticals, Inc.
[{"type":"text","content":"- Ironwood capitalizing on GI leadership and expertise in an effort to bring innovative therapies to patients -- Strategy centered on accelerating LINZESS® (linaclotide) growth and advancing late-stage programs IW-3718 and MD-7246 -- Business poised to drive revenue growth and begin generating profits -CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD), a GI-focused healthcare company, today announced that it has completed the tax-free spin-off of its soluble guanylate cyclase (sGC) business, Cyclerion Therapeutics, Inc. (Cyclerion).Ironwood is executing on its strategy to drive growth as a GI-focused company, building upon its commercial success with LINZESS and advancing its late-stage, first-in-category development candidates including IW-3718 for the potential treatment of persistent gastroesophageal reflux disease (GERD) and MD-7246 for the potential treatment of abdominal pain associated with irritable bowel syndrome with diarrhea (IBS-D). In 2018, Ironwood grew revenue 16% year-over-year to $347 million, driven primarily by U.S. LINZESS collaboration revenue of $264 million and linaclotide API sales of $70 million. In 2019, Ironwood expects revenue to be in the range of $370 to $390 million. The company also expects to provide guidance on 2019 non-GAAP profitability from continuing operations on its first quarter 2019 investor update.Mark Mallon, chief executive officer of Ironwood, stated, \"Today marks the beginning of a new chapter for Ironwood, one that combines a strong drug development and commercial foundation with a sharpened focus on our core objective - creating medicines that make a difference for people living with GI diseases. We are well positioned to deliver on our strategic initiatives, which include accelerating growth of LINZESS, advancing our GI development portfolio, and generating profits from continuing operations on a non-GAAP basis. I am honored and excited to lead a spectacular team in this next phase of Ironwood's growth and development, and to drive further innovation within the GI market in order to deliver differentiated therapies to patients.\"Cyclerion common stock will begin regular way trading on the Nasdaq Global Select Market under the symbol \"CYCN\" on April 2, 2019. Ironwood will continue to trade on Nasdaq under the ticker symbol \"IRWD.\"As previously a...