June 19, 2019 / 4:04 PM / 4 months ago

BUZZ-Ironwood rises on data from constipation drug trial

(Updates)

** Shares of Ironwood Pharmaceuticals Inc up 6.3% at $12.23 - one of the top percentage gainers on the Nasdaq biotech index ** Co and Allergan Plc said their constipation drug Linzess improved abdominal symptoms of bloating, pain and discomfort in patients suffering from irritable bowel syndrome with constipation

** Shares of AGN also up ~4% at $125.62; Evercore ISI on Tuesday wrote that the Botox-maker could be “heading towards a split”

** Expect an uptick in Linzess prescription in the coming months, although magnitude is unclear - Credit Suisse analyst Vamil Divan

** Cos say 4.6% of patients reported diarrhea in the trial, which Divan says is much lower than the 20% incident rate mentioned in the product label

** Linzess, sold jointly in the United States by IRWD and AGN, brought in sales of $161.3 mln in Q1 for AGN; IRWD received $64.3 million in Q1 from U.S. sales of Linzess

** Up to Wednesday’s close, IRWD had risen ~32% YTD, while AGN had fallen 9.7% (Reporting by Manas Mishra in Bengaluru)

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