Ironwood Pharmaceuticals to Establish New Headquarters in Downtown Boston

– New location designed to provide efficient and collaborative
workspace and significant long-term cost savings –

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Ironwood
Pharmaceuticals, Inc. (NASDAQ: IRWD), a GI-focused healthcare
company, today announced that the company plans to relocate its
headquarters to a new office in downtown Boston from its current
location in Cambridge, Massachusetts. Ironwood’s new headquarters will
occupy approximately 39,000 square feet at 100 Summer Street. Ironwood
anticipates the move to be completed in the fourth quarter of 2019, and
expects to save more than $25 million in cash payments to its landlord
over the following five years.

“2019 has been a transformative year for Ironwood and this move is the
next step in our evolution as we celebrate our new beginning as a
streamlined, GI-focused company,” said Mark Mallon, chief executive
officer of Ironwood. “We look forward to writing the next chapter in our
trajectory as part of Boston’s vibrant business community, which is home
to a growing number of innovative biotechnology and pharmaceutical
companies. We believe our new space will provide an inspiring work
environment for employees, helping to foster a strong culture of
innovation and collaboration as we seek to deliver on our mission to
develop and commercialize medicines that make a difference for people
living with GI diseases.”

The new Boston headquarters is sized to fit the current employee base
following completion of the separation of Cyclerion Therapeutics, Inc.
on April 1, 2019. The new location is more convenient and centrally
located, with easy access to Interstate 93, the Massachusetts Turnpike,
Logan International Airport and South Station. Ironwood has signed a
multi-year lease into 2030 for the new location. Ironwood currently
occupies approximately 108,000 square feet of office space located at
301 Binney Street in Cambridge, Massachusetts.

Additional details can be found in Ironwood’s Form 8-K filed today with
the Securities and Exchange Commission.

About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals
(Nasdaq: IRWD) is a GI-focused healthcare company dedicated to creating
medicines that make a difference for patients living with GI diseases.
We discovered, developed and are commercializing linaclotide, the U.S.
branded prescription market leader for adults with irritable bowel
syndrome with constipation (IBS-C) or chronic idiopathic constipation
(CIC). We are currently advancing a Phase IIIb trial evaluating the
efficacy and safety of linaclotide on multiple abdominal symptoms,
including bloating, pain, and discomfort, in adult patients with IBS-C.

We are also advancing two late-stage, first-in-category GI product
candidates: IW-3718 is a gastric retentive formulation of a bile acid
sequestrant being developed for the potential treatment of persistent
gastroesophageal reflux disease, and MD-7246 is a delayed-release
formulation of linaclotide that is being evaluated as an oral,
intestinal, non-opioid, pain-relieving agent for patients suffering from
abdominal pain associated with IBS with diarrhea.

Ironwood was founded in 1998 and is headquartered in Cambridge, Mass.
For more information, please visit our newly launched website at www.ironwoodpharma.com
or www.twitter.com/ironwoodpharma;
information that may be important to investors will be routinely posted
in both these locations.

Forward-Looking Statements
This press release contains
forward-looking statements. Investors are cautioned not to place undue
reliance on these forward-looking statements, including, but not limited
to, statements about the company’s plans to relocate from its Cambridge
headquarters to a new Boston headquarters, the timing of the planned
relocation, the potential of the new workspace to foster efficiency,
collaboration, and innovation, the fit of the new Boston headquarters
for the company’s current employee base, and the anticipated cost
savings associated with the relocation and the amount and timing thereof.
Each forward-looking statement is subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such statement. Applicable risks and
uncertainties include those in Ironwood’s Quarterly Report on Form 10-Q
for the quarter ended March 31, 2019, and in our subsequent SEC filings.
These forward-looking statements (except as otherwise noted) speak only
as of the date of this press release, and Ironwood undertakes no
obligation to update these forward-looking statements.

Contacts

Media and Investors:
Meredith Kaya, 617-374-5082
Vice
President, Investor Relations and Corporate Communications
[email protected]