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Ironwood's constipation drug gets European approval

(Reuters) - Ironwood Pharmaceuticals Inc said its drug to treat irritable bowel syndrome with constipation has received marketing approval in Europe.

The drug linaclotide, meant for adults, will be launched in Europe in the first half of 2013 under the brand name Constella, the company said in a statement.

Constella received U.S. regulatory approval in August and Ironwood will sell the drug in the United States with its marketing partner Forest Laboratories under the brand name Linzess.

"We don't see Constella's performance in Europe as a significant value driver for Ironwood," Ladenburg Thalmann analyst Juan Sanchez wrote in a note to clients.

Sanchez estimates that Constella could bring in revenue of $189 million in 2018.

Shares of Ironwood were up 2 percent at $10.98 on the Nasdaq on Wednesday afternoon.

(Reporting by Shailesh Kuber in Bangalore; Editing by Supriya Kurane)