0000899140-20-000196.txt : 20200226 0000899140-20-000196.hdr.sgml : 20200226 20200226170255 ACCESSION NUMBER: 0000899140-20-000196 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200226 DATE AS OF CHANGE: 20200226 GROUP MEMBERS: ALEXANDER J. DENNER, PH.D. GROUP MEMBERS: SARISSA CAPITAL ATHENA FUND LTD GROUP MEMBERS: SARISSA CAPITAL CATAPULT FUND LLC GROUP MEMBERS: SARISSA CAPITAL HAWKEYE FUND LP GROUP MEMBERS: SARISSA CAPITAL OFFSHORE MASTER FUND LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IRONWOOD PHARMACEUTICALS INC CENTRAL INDEX KEY: 0001446847 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 043404176 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-85292 FILM NUMBER: 20656870 BUSINESS ADDRESS: STREET 1: 100 SUMMER STREET, SUITE 2300 CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-621-7722 MAIL ADDRESS: STREET 1: 100 SUMMER STREET, SUITE 2300 CITY: BOSTON STATE: MA ZIP: 02110 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Sarissa Capital Management LP CENTRAL INDEX KEY: 0001577524 IRS NUMBER: 900924432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 660 STEAMBOAT ROAD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 203-302-2330 MAIL ADDRESS: STREET 1: 660 STEAMBOAT ROAD CITY: GREENWICH STATE: CT ZIP: 06830 SC 13D/A 1 s13da1.htm SCHEDULE 13D/A, AMENDMENT #1

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No.1)*

Ironwood Pharmaceuticals, Inc.
(Name of Issuer)
 
Class A Common Stock, $0.001 par value
(Title of Class of Securities)
 
46333X108
(CUSIP Number)
 
Mark DiPaolo
Senior Partner, General Counsel
Sarissa Capital Management LP
660 Steamboat Road
Greenwich, CT 06830
203-302-2330
 
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
February 25, 2020
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be  subject to all other  provisions of the Act  (however, see the Notes).


CUSIP No.  46333X108
Page 2 of 10 Pages
SCHEDULE 13D
1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Sarissa Capital Management LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)  ☐
(b)  ☐
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS

WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
 
  ☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER

1,357,215
8
SHARED VOTING POWER

11,135,785
9
SOLE DISPOSITIVE POWER

1,357,215
10
SHARED DISPOSITIVE POWER

11,135,785
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

12,493,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
 ☐

13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.90%
14
TYPE OF REPORTING PERSON
 
PN



CUSIP No.  46333X108
Page 3 of 10 Pages
SCHEDULE 13D

1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Alexander J. Denner, Ph.D.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)☐  
(b)☐  
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS

WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
 
 ☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION

United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER

 
8
SHARED VOTING POWER

12,493,000
9
SOLE DISPOSITIVE POWER

 
10
SHARED DISPOSITIVE POWER

12,493,000
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

12,493,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
 ☐

13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.90%
14
TYPE OF REPORTING PERSON
 
IN



CUSIP No.  46333X108
Page 4 of 10 Pages
SCHEDULE 13D

1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Sarissa Capital Offshore Master Fund LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)☐  
(b) ☐  
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS

WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
 
 ☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER

5,682,660
8
SHARED VOTING POWER

 
9
SOLE DISPOSITIVE POWER

5,682,660
10
SHARED DISPOSITIVE POWER

 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,682,660
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
 ☐

13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

3.59%
14
TYPE OF REPORTING PERSON
 
PN


CUSIP No.  46333X108
Page 5 of 10 Pages
SCHEDULE 13D

1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Sarissa Capital Catapult Fund LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)☐ 
(b)☐ 
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS

WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
 
 ☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER

1,948,655
8
SHARED VOTING POWER

 
9
SOLE DISPOSITIVE POWER

1,948,655
10
SHARED DISPOSITIVE POWER

 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,948,655
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
 ☐

13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

1.23%
14
TYPE OF REPORTING PERSON
 
OO



CUSIP No.  46333X108
Page 6 of 10 Pages
SCHEDULE 13D
1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Sarissa Capital Hawkeye Fund LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)☐ 
(b)☐
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS

WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
 
 ☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER

1,465,765
8
SHARED VOTING POWER

 
9
SOLE DISPOSITIVE POWER

1,465,765
10
SHARED DISPOSITIVE POWER

 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,465,765
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
 ☐

13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.93%
14
TYPE OF REPORTING PERSON
 
PN



CUSIP No.  46333X108
Page 7 of 10 Pages
SCHEDULE 13D

1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Sarissa Capital Athena Fund Ltd
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)☐
(b)☐
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS

WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
 
 ☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER

2,038,705
8
SHARED VOTING POWER

 
9
SOLE DISPOSITIVE POWER

2,038,705
10
SHARED DISPOSITIVE POWER

 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,038,705
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
 ☐
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

1.29%
14
TYPE OF REPORTING PERSON
 
OO


CUSIP No.  46333X108
Page 8 of 10 Pages
SCHEDULE 13D
Item 1.  Security and Issuer.
This statement constitutes Amendment No. 1 to the Schedule 13D (this “Amendment No. 1”) relating to the Class A Common Stock, par value $0.001 (the “Shares”), issued by Ironwood Pharmaceuticals, Inc. (the “Issuer”), and hereby amends the Schedule 13D filed with the Securities and Exchange Commission on May 16, 2019 (the "Initial Schedule 13D"), on behalf of the Reporting Persons (as defined in the Initial Schedule 13D), to furnish the additional information set forth herein.  All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Initial Schedule 13D.
Item 3.  Source or Amount of Funds or Other Consideration.
Item 3 of the Initial Schedule 13D is hereby amended by adding the following:

The aggregate purchase price of the Shares being reported in Item 5(c) of this Amendment No. 1 was $24,838,288 (including commissions). The source of funding for these Shares was the general working capital of the respective purchasers.
Item 5.  Interest in Securities of the Issuer.
Items 5 (a) and (b) of the Initial Schedule 13D are hereby amended by replacing them in their entirety with the following:

(a) The Reporting Persons may be deemed to beneficially own, in the aggregate, 12,493,000 Shares representing approximately 7.90% of the Issuer’s outstanding Shares (based upon the 158,206,912 Shares stated to be outstanding as of February 10, 2020 by the Issuer in the Issuer’s Form 10-K filed with the Securities and Exchange Commission on February 13, 2020).

(b) For purposes of this Schedule 13D:

Sarissa Offshore has sole voting power and sole dispositive power with regard to 5,682,660 Shares.  Sarissa Catapult has sole voting power and sole dispositive power with regard to 1,948,655 Shares.  Sarissa Hawkeye has sole voting power and sole dispositive power with regard to 1,465,765 Shares.  Sarissa Athena has sole voting power and sole dispositive power with regard to 2,038,705 Shares.  Sarissa Capital, as the investment advisor to the Sarissa Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the 11,135,785 Shares held by the Sarissa Funds and the sole power to vote or direct the vote of (and the sole power to dispose or direct the disposition of) an additional 1,357,215 Shares held by the Sarissa Funds.  By virtue of his position as the Chief Investment Officer of Sarissa Capital and as the managing member of Sarissa Capital’s general partner and as controlling the ultimate general partner of each of Sarissa Offshore and Sarissa Hawkeye and the managing member of Sarissa Catapult, Dr. Denner may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the 12,493,000 Shares, in the aggregate, held by Sarissa Capital and the Sarissa Funds.

(c) The following table sets forth all transactions with respect to Shares effected during the past sixty (60) days by any of the Reporting Persons, inclusive of any transactions effected through 4:00 p.m., Eastern Standard Time, on February 26, 2020.  Except as otherwise noted below, all such transactions were purchases of Shares effected in the open market.


CUSIP No.  46333X108
Page 9 of 10 Pages
SCHEDULE 13D

Name of Reporting Person
 
Date of Transaction
Amount of Securities
Price Per Share ($)
Sarissa Athena
2/25/2020
129,105
11.06
Sarissa Athena
2/26/2020
90,600
11.04
       
Sarissa Capital
2/25/2020
79,515
11.06
Sarissa Capital
2/26/2020
55,800
11.04
       
Sarissa Catapult
1/30/2020
8,400
12.10
Sarissa Catapult
1/31/2020
10,000
12.00
Sarissa Catapult
2/6/2020
75,000
12.35
Sarissa Catapult
2/7/2020
6,000
12.18
Sarissa Catapult
2/7/2020
18,000
12.21
Sarissa Catapult
2/7/2020
1,000
12.19
Sarissa Catapult
2/14/2020
10,000
12.10
Sarissa Catapult
2/14/2020
25,000
12.12
Sarissa Catapult
2/18/2020
7,500
12.08
Sarissa Catapult
2/19/2020
19,000
11.87
Sarissa Catapult
2/21/2020
34,500
11.65
Sarissa Catapult
2/24/2020
15,000
11.27
Sarissa Catapult
2/25/2020
154,755
11.06
Sarissa Catapult
2/25/2020
12,000
11.12
Sarissa Catapult
2/26/2020
108,600
11.04
       
Sarissa Hawkeye
2/25/2020
70,965
11.06
Sarissa Hawkeye
2/26/2020
49,800
11.04
       
Sarissa Offshore
1/30/2020
11,600
12.10
Sarissa Offshore
1/31/2020
15,000
12.00
Sarissa Offshore
2/7/2020
19,000
12.18
Sarissa Offshore
2/7/2020
53,000
12.21
Sarissa Offshore
2/7/2020
3,000
12.19
Sarissa Offshore
2/13/2020
15,000
12.10
Sarissa Offshore
2/14/2020
27,000
12.10
Sarissa Offshore
2/14/2020
75,000
12.12
Sarissa Offshore
2/18/2020
22,500
12.08
Sarissa Offshore
2/19/2020
56,000
11.87
Sarissa Offshore
2/21/2020
115,500
11.65
Sarissa Offshore
2/24/2020
44,000
11.27
Sarissa Offshore
2/25/2020
420,660
11.06
Sarissa Offshore
2/25/2020
33,000
11.12
Sarissa Offshore
2/26/2020
295,200
11.04
       


CUSIP No.  46333X108
Page 10 of 10 Pages
SCHEDULE 13D
SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:  February 26, 2020

SARISSA CAPITAL MANAGEMENT LP

By:
/s/ Mark DiPaolo
 
 
Name: Mark DiPaolo
 
 
Title: Senior Partner, General Counsel
 

SARISSA CAPITAL OFFSHORE MASTER FUND LP
By: Sarissa Capital Offshore Fund GP LLC, its general partner

By:
/s/ Mark DiPaolo
 
 
Name: Mark DiPaolo
 
 
Title: Authorized Person
 

SARISSA CAPITAL CATAPULT FUND LLC
By: Sarissa Capital Management LP, its managing member

By:
/s/ Mark DiPaolo
 
 
Name: Mark DiPaolo
 
 
Title: Senior Partner, General Counsel
 

SARISSA CAPITAL HAWKEYE FUND LP
By: Sarissa Capital Fund GP LP, its general partner

By:
/s/ Mark DiPaolo
 
 
Name: Mark DiPaolo
 
 
Title: Authorized Person
 

SARISSA CAPITAL ATHENA FUND LTD


By:
/s/ Alexander J. Denner, Ph.D.
 
 
Name: Alexander J. Denner, Ph.D.
 
 
Title: Director
 


/s/Alexander J. Denner, Ph.D.
 
Alexander J. Denner, Ph.D.