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Ironwood Pharmaceuticals Inc. has set terms for its initial public offering of stock (IPO) at a range between $14 and $16 a share, the company disclosed in a regulatory filing posted this morning by the U.S. Securities and Exchange Commission.
If priced within the stated range, the 16.67-million-share offering would raise between $233.3 million and $266.7 million for the Cambridge drug developer — significantly above the $172 million target the company set when it first announced its plans for an IPO in November.
Founded in 1999 as Microbia, Ironwood has raised at least $306 million in venture financing to date, from backers including Ridgeback Capital, Venrock, Polaris Venture Partners, Morgan Stanley, Fidelity Biosciences and Paperboy Ventures. The company has two drug candidates in clinical trials — linaclotide, an irritable-bowel-syndrome treatment, and a pain-drug candidate — as well as various preclinical programs.
The company has applied to list its shares on the Nasdaq Global Market under the stock ticker IRWD. Credit Suisse, J.P. Morgan and Morgan Stanley are co-lead underwriters on the offering.
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