Business

Ironwood Pharmaceuticals cutting 50 jobs

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Ironwood Pharmaceuticals Inc., which won US approval to sell its first drug in 2012, Wednesday said it will cut about 50 jobs, or about 10 percent of the workforce, in a move to refocus research and development on treatments for gastrointestinal conditions.

The biotechnology company, based in Cambridge, plans to complete the layoffs during the first quarter of this year, leaving it with about 480 full-time employees. It expects to take an accounting charge of $4 million to $4.5 million to cover severance costs.

Ironwood’s cutback will affect both research and general administrative employees, said company spokeswoman Trista Morrison.

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