Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) and Depomed, Inc. (NASDAQ: DEPO) today announced that Ironwood has licensed worldwide rights to utilize Depomed's Acuform™ gastric retentive drug delivery technology for an Ironwood early stage development program, continuing Ironwood's efforts to augment its development pipeline beyond linaclotide. Under the terms of the agreement, Depomed will assist with initial product formulation and Ironwood will be responsible for all development and commercialization of the product. Depomed will be paid an upfront license fee and will receive additional payments pending achievement of certain development and regulatory milestones, as well as royalties on product sales.
"We are pleased to contribute our Acuform technology and drug delivery expertise to Ironwood's development effort, and add an important new partner to our Acuform franchise strategy," said Thadd Vargas, Depomed's senior vice president, Business Development. "We are very excited to collaborate with Ironwood on this new non GC-C related gastrointestinal disorder program."
"Ironwood is keen to pursue appropriate collaborations that will create value and leverage each party's area of expertise," said Jim O'Mara, Ironwood's vice president, Corporate Development. "We believe the Acuform technology is highly complementary to our internal effort to create differentiated medicines and provides Ironwood with the opportunity to continue to build a portfolio of development candidates through both internal and external R&D."
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