Ironwood Pharmaceuticals, which is developing a new treatment for irritable bowel syndrome and constipation, raised $188 million by offering 16,666,670 shares at $11.25, well below its anticipated range of $14 to $16. Ironwood is the first biotech IPO of 2010. The company is expected to open for trading on Wednesday on the NASDAQ under the symbol "IRWD". J.P. Morgan, Morgan Stanley, and Credit Suisse acted as lead managers on the deal.
