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)

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs