Almirall makes $15m equity investment in Ironwood
11 November 2009 00:00 in Pharmaceutical Company Product News
Almirall, which holds the European rights to the irritable bowel syndrome treatment linaclotide, has made a payment of $15 million (8.9 million pounds) to Ironwood as part of an earlier agreement.
An exiting exclusive licensing contract for linaclotide announced last May stipulated that Almirall will be responsible for the commercialisation of this compound in member states of the EU.
The payment comes after the positive outcome of a phase III trial into the drug.
Linaclotide is a therapy for the treatment of irritable bowel syndrome with constipation, as well as chronic constipation.
Eduardo Sanchiz, chief executive for corporate development and finance at Almirall, stated: "We are very pleased with this investment which reflects the good progression of linaclotide, a very significant asset in our pipeline."
Last month, Almirall posted the latest developments in trials around its chronic obstructive pulmonary disease therapy Eklira (aclidinium bromide), revealing that the treatment yielded positive results during testing.
Other news stories from 11/11/2009
Read more in the Zenopa News Archive
How this news is generated
Story collated for Zenopa by the Adfero News Agency