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AZ’s Mallon to lead Ironwood; Hecht to helm spinout

January 4, 2019 11:58 PM UTC

Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) gained $1.12 (11%) to $11 on Friday after the GI company said co-founder and CEO Peter Hecht will become CEO of the company's spinout Cyclerion Therapeutics Inc. (Cambridge, Mass.), while Mark Mallon will become Ironwood's new CEO.

In May, Ironwood said it would spin out its soluble guanylate cyclase (sGC) pipeline into a new company, which will focus on treatment for serious and orphan diseases. The separation is on track to occur this half, the company said Friday (see "Splitting Ironwood"). ...

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Ironwood Pharmaceuticals Inc.