Ironwood Pharmaceuticals to Establish New Headquarters in Downtown Boston
June 13 2019 - 4:30PM
Business Wire
– New location designed to provide efficient
and collaborative workspace and significant long-term cost savings
–
Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD), a GI-focused
healthcare company, today announced that the company plans to
relocate its headquarters to a new office in downtown Boston from
its current location in Cambridge, Massachusetts. Ironwood’s new
headquarters will occupy approximately 39,000 square feet at 100
Summer Street. Ironwood anticipates the move to be completed in the
fourth quarter of 2019, and expects to save more than $25 million
in cash payments to its landlord over the following five years.
“2019 has been a transformative year for Ironwood and this move
is the next step in our evolution as we celebrate our new beginning
as a streamlined, GI-focused company,” said Mark Mallon, chief
executive officer of Ironwood. “We look forward to writing the next
chapter in our trajectory as part of Boston’s vibrant business
community, which is home to a growing number of innovative
biotechnology and pharmaceutical companies. We believe our new
space will provide an inspiring work environment for employees,
helping to foster a strong culture of innovation and collaboration
as we seek to deliver on our mission to develop and commercialize
medicines that make a difference for people living with GI
diseases.”
The new Boston headquarters is sized to fit the current employee
base following completion of the separation of Cyclerion
Therapeutics, Inc. on April 1, 2019. The new location is more
convenient and centrally located, with easy access to Interstate
93, the Massachusetts Turnpike, Logan International Airport and
South Station. Ironwood has signed a multi-year lease into 2030 for
the new location. Ironwood currently occupies approximately 108,000
square feet of office space located at 301 Binney Street in
Cambridge, Massachusetts.
Additional details can be found in Ironwood’s Form 8-K filed
today with the Securities and Exchange Commission.
About Ironwood PharmaceuticalsIronwood Pharmaceuticals
(Nasdaq: IRWD) is a GI-focused healthcare company dedicated to
creating medicines that make a difference for patients living with
GI diseases. We discovered, developed and are commercializing
linaclotide, the U.S. branded prescription market leader for adults
with irritable bowel syndrome with constipation (IBS-C) or chronic
idiopathic constipation (CIC). We are currently advancing a Phase
IIIb trial evaluating the efficacy and safety of linaclotide on
multiple abdominal symptoms, including bloating, pain, and
discomfort, in adult patients with IBS-C.
We are also advancing two late-stage, first-in-category GI
product candidates: IW-3718 is a gastric retentive formulation of a
bile acid sequestrant being developed for the potential treatment
of persistent gastroesophageal reflux disease, and MD-7246 is a
delayed-release formulation of linaclotide that is being evaluated
as an oral, intestinal, non-opioid, pain-relieving agent for
patients suffering from abdominal pain associated with IBS with
diarrhea.
Ironwood was founded in 1998 and is headquartered in Cambridge,
Mass. For more information, please visit our newly launched website
at www.ironwoodpharma.com or www.twitter.com/ironwoodpharma;
information that may be important to investors will be routinely
posted in both these locations.
Forward-Looking StatementsThis press release contains
forward-looking statements. Investors are cautioned not to place
undue reliance on these forward-looking statements, including, but
not limited to, statements about the company’s plans to relocate
from its Cambridge headquarters to a new Boston headquarters, the
timing of the planned relocation, the potential of the new
workspace to foster efficiency, collaboration, and innovation, the
fit of the new Boston headquarters for the company’s current
employee base, and the anticipated cost savings associated with the
relocation and the amount and timing thereof. Each forward-looking
statement is subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such statement. Applicable risks and uncertainties include those
in Ironwood's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2019, and in our subsequent SEC filings. These
forward-looking statements (except as otherwise noted) speak only
as of the date of this press release, and Ironwood undertakes no
obligation to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190613005733/en/
Media and Investors:Meredith Kaya, 617-374-5082Vice
President, Investor Relations and Corporate
Communicationsmkaya@ironwoodpharma.com
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