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Slightly more than a week after Ironwood Pharmaceuticals Inc. said it was looking to raise up to $266.7 million in its initial public offering, Bloomberg is reporting that the IPO came in well under that figure, at $188 million.
The Cambridge company (Nasdaq: IRWD) sold 16.7 million Class A shares at $11.25 each to underwriters in its IPO, after stating on Jan. 20 in a filing with the U.S. Securities and Exchange commission that it was looking for a price of between $14 and $16 a share.
The $188 million raised, however, is still above the $172 million target the company set when it first announced its plans for an IPO in November. JPMorgan Chase & Co. and Morgan Stanley of New York and Zurich-based Credit Suisse Group AG were the lead underwriters in the sale.
Ironwood was founded in 1999 as Microbia Inc. and 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.
Ironwood had a loss of $47.3 million in the nine months that ended Sept. 30, 2009, greater than the same period in 2008 which showed a loss of $42.6 million. Revenue was up, however, to $27.5 million.
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