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Stock Market & Financial Investment News

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November 20, 2012
06:43 EDTIRWDIronwood consensus estimates too high, says Cantor
Cantor believes consensus earnings estimates for Ironwood are too high and reiterates a Sell rating on the stock. The firm lowered its price target for shares to $7 from $8.
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November 20, 2014
09:02 EDTIRWDIronwood earns $15M milestone from Astellas Pharma
Ironwood Pharmaceuticals has earned a $15M development milestone payment from Astellas Pharma Inc., its partner for linaclotide in Japan. This milestone was triggered by Astellasís enrollment of the first patient in a randomized, double-blind, placebo-controlled Phase III clinical trial of linaclotide in adult patients with irritable bowel syndrome with constipation in Japan. Astellas expects to complete the Phase III trial in 2016. Ironwood and Astellas entered into a licensing agreement in 2009 to develop and commercialize linaclotide in Japan for the treatment of IBS-C, chronic constipation and other gastrointestinal conditions. Per the agreement, Astellas paid Ironwood a $30M upfront licensing fee. In addition to the $15M development milestone payment upon enrollment of the first patient in the Phase III trial, the agreement also includes additional development milestone payments that could total up to $30M, consisting of $15M upon filing for regulatory approval in Japan and $15M upon receipt of approval. The agreement also provides for Ironwood to receive royalties which escalate based on sales volume. Astellas also plans to expand its development of linaclotide in Japan and is entering into a Phase II clinical trial with linaclotide in adults with chronic constipation. If approved, the same royalty terms would apply.

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