Splitting Ironwood

Ironwood Pharmaceuticals Inc. has accomplished what many biotechs aspire to but few achieve. It has built a high-growth GI business on the cusp of profitability, and discovered and developed a well-stocked pipeline of clinical candidates to treat a range of serious, underserved diseases.

But unlike other biotechs that have reached this inflection point, its stock hasn’t been well-rewarded for either its commercial success or its R&D. ...