BioCentury
ARTICLE | Financial News

Ironwood raises $136.5M, NPS raises $87.2M

May 23, 2013 12:39 AM UTC

Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) raised $136.5 million and NPS Pharmaceuticals Inc. (NASDAQ:NPSP) raised $87.2 million in follow-ons on Wednesday. Ironwood sold 10.5 million shares at $13 in a follow-on underwritten by JPMorgan; BofA Merrill Lynch; Morgan Stanley; Cowen; Ladenburg; and Mizuho, while NPS sold 6 million shares at $14.53 in a follow-on underwritten by JPMorgan; Morgan Stanley; Canaccord; Leerink; Oppenheimer; and Wedbush. Ironwood had proposed to sell 10.5 million shares and NPS had proposed to sell 6 million shares late Monday, when Ironwood's share price was $13.83 and NPS's share price was $14.11.

Ironwood and partner Forest Laboratories Inc. (NYSE:FRX) launched Linzess linaclotide in the U.S. in December to treat irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). The European Commission approved the guanylate cyclase C ( GCC; GUCY2C) agonist for IBS-C in November. ...