In order to expand its pipeline beyond the late-stage gastrointestinal drug linaclotide, Ironwood Pharmaceuticals has licensed exclusive global rights to develop and commercialise Bionomics’ Phase I anti‐anxiety compound BNC210 and other related compounds. The deal is worth up to US$345 M, including US$3 M upfront and US$10 M in near-term research funding and milestone payments, as well as royalties on sales of resulting products.