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Ironwood cuts workforce by 10%

  • 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)
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