Ropes & Gray Represents Ironwood Pharmaceuticals in its Separation of Cyclerion Therapeutics and Cyclerion’s Related Private Placement

Ropes & Gray represented Ironwood Pharmaceuticals, a GI-focused healthcare company, in connection with its tax-free spin-off of its soluble guanylate cyclase business, Cyclerion Therapeutics, Inc., and Cyclerion’s private placement of equity.

The separation was completed through distribution to Ironwood shareholders of one share of Cyclerion common stock for every 10 shares of Ironwood common stock held as of the close of business on March 19, 2019. Cyclerion common stock began trading on the Nasdaq Global Select Market under the symbol “CYCN” on April 2, 2019. Ironwood continues to trade on Nasdaq under the ticker symbol “IRWD.”

The Ropes & Gray team was led by tax partners David Saltzman and Benjamin Rogers and securities & public companies partner Paul Kinsella and associate Will Michener.