The company has no development programs left in its R&D pipeline and will focus entirely on the commercialization of IBS drug Linzess while seeking late-stage assets from external sources.

The Ironwood spinout thinks its sGC stimulator demonstrated benefit in reducing urine albumin levels in DN patients; notes data improve markedly if one outlier trial site is excluded.

Despite Phase III miss, Novartis is hopeful that the totality of the evidence will secure it at least a limited label expansion to a sizable but harder to treat portion of the heart failure market than Entresto already serves.

Public Company Edition: The prior day's after-hours bad news sent biotech stocks lower on 9 August, and IPOs are taking a breather with the NBI down 2.1% over the past month. However, already public companies are raising cash, including Allakos and Ironwood at $350m each.