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Ironwood Pharmaceuticals (NASDAQ:IRWD), a drug manufacturer which is developing a new treatment for irritable bowel syndrome and constipation, is expected to go public this week.

Business Overview (from prospectus)

We are an entrepreneurial pharmaceutical company that discovers, develops and intends to commercialize innovative medicines targeting important therapeutic needs. Our goal is to build the next great pharmaceutical company, an outstanding business that will thrive and endure well beyond our lifetimes and generate substantial returns for our shareholders. Our experienced team of researchers is focused on a portfolio of internally discovered drug candidates that includes one Phase 3 drug candidate (linaclotide), one Phase 1 pain drug candidate, and multiple preclinical programs.

Offering: 16.7 million shares at $14 - $16 per share. Net proceeds of approximately $237.5 million will be used for research and development and for general corporate purposes.

Lead Underwriters: J.P. Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS), Credit Suisse (NYSE:CS)

Financial Highlights:

Revenue for the nine months ended September 30, 2009 was $27,498,000 an increase of 59% over the same period in 2008 when the revenue was $17,242,000... Operating expenses for the nine months ended September 30, 2009 were $76,133,000 an increase of 35.1 % as compared to the same period in 2008 when operating expenses were $56,363,000...

Competition:

We believe certain companies are developing other products which could compete with linaclotide should they be approved by the FDA. Currently, there is only one compound in late stage development, and it is being developed by Theravance, Inc. This compound has completed Phase 2 trials for CC. To our knowledge, other potential competitors are in earlier stages of development. If our potential competitors are successful in completing drug development for their drug candidates and obtain approval from the FDA, they could limit the demand for linaclotide.

Additional Resources:

Source: Ironwood Pharma: First Biotech IPO of 2010