Ironwood earns $15M milestone from Astellas

• The enrollment of the first patient in a Phase 3 trial in Japan to evaluate linaclotide for the treatment of irritable bowel syndrome triggers a $15M milestone payment to Ironwood Pharmaceuticals (NASDAQ:IRWD) from partner Astellas Pharma (OTCPK:ALPMF) (OTCPK:ALPMY).
• Under the terms of their 2009 license agreement, Astellas paid Ironwood a $30M upfront licensing fee and will pay an additional $30M in milestones for the linaclotide regulatory submission ($15M) and regulatory approval ($15M).