Ironwood cuts workforce by 10%

|About: Ironwood Pharmaceuticals, Inc. (IRWD)|By:, SA News Editor

Ironwood Pharmaceuticals (IRWD +1.6%) says it will reduce its headcount by 10%.

The move is an effort to "align [the] workforce with [the] strategy to grow a GI therapeutics company."

Safe from the cuts is the Linzess field-based sales team and medical science liaison team.

IRWD expects to incur charges of $4-4.5M in connection with the move (severance and benefit costs) with the vast majority resulting in cash outlays.

The company says it will complete the initiative in Q1. (PR)