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Print Edition StoriesTuesday, November 10, 2009
Ironwood to net $75M from licensing deal in Japan
By Mass High Tech staff
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Ironwood Pharmaceuticals Inc., of Cambridge, and Astellas Pharma Inc., of Tokyo, have entered into a licensing agreement that will give the Japanese pharmaceutical firm exclusive development and commercialization rights to Ironwood’s linaclotide compound, used to treat irritable bowel syndrome, in Japan, Korea, Indonesia, Taiwan, Thailand, and the Philippines. In return, Ironwood will receive $75 million from Astellas in upfront and precommercial milestone payments, including the $30 million licensing fee and royalties.
The deal calls for Astellas to take responsibiility over the plans and costs linked to the compound’s regulatory approval, clinical development and commercialization in the designated areas.
Ironwood CEO Peter Hecht said in a press release that the licensing deal rounds out the company’s goal for the drug to hit pharmaceutical markets in the U.S., Europe and Japan.
Linaclotide is made to combat constipation and gastrointestinal issues.
Ironwood was founded in 1999 as Microbia Inc. and operates a subsidiary, now named Microbia Inc., which develops bioprocesses to produce specialty chemicals for both internal use and strategic partners. The company changed its name to Ironwood Pharmaceuticals in April of 2008. To date, Ironwood has reaised $306 million in private equity financing.
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