IRONWOOD PHARMACEUTICALS,INC. (NASDAQ:IRWD) Files An 8-K Other Events
Item 8.01 Other Events.
As a result of the consummation of the separation of Ironwood Pharmaceuticals,Inc. (“Ironwood”) and Cyclerion Therapeutics,Inc. into two independent, publicly traded companies (the “Separation”),Ironwood expects to effect an adjustment to the conversion rate applicable to its 2.25% Convertible Senior Notes due 2022 (the “Notes”) on the last trading day of the 10 consecutive trading-day valuation period beginning on and including April2, 2019, the ex-dividend date applicable to the Separation. Ironwood plans to amend the indenture for the Notes, dated as of June 15, 2015, to reference the 10-trading day valuation period. That amendment will conform the valuation period in the indenture to the 10-trading day valuation period reflected in the preliminary offering memorandum, dated June 8, 2015, relating to the offer and sale of the Notes. Such a conforming amendment is contemplated by the indenture without noteholder action and is necessary because the indenture, prior to the amendment, refers to a 5-trading day period.
About IRONWOOD PHARMACEUTICALS,INC. (NASDAQ:IRWD)
Ironwood Pharmaceuticals, Inc. is a biotechnology company. The Company’s products Linaclotide provides patients and healthcare practitioners with a treatment option for adults in the United States and certain other countries with irritable bowel syndrome with constipation (IBS-C), chronic idiopathic constipation (CIC) and gastrointestinal (GI) disorders. It operates through human therapeutics segment. Linaclotide is also being developed and commercialized in other parts of the world by certain of its partners. It is engaged in developing therapeutic platforms for the treatment of vascular and fibrotic diseases, and refractory gastroesophageal reflux disease (GERD). Its IW-9179 is used for the treatment of gastroparesis and functional dyspepsia. The Company has conducted an exploratory Phase IIa clinical study of IW-3718 in patients with refractory GERD. It has two sGC development candidates, which include IW-1973 and IW-1701.