Ironwood has done a masterful job of partnering linaclotide throughout most of the world:
Sept 2007 - Forest - In US, Canada, Mexico
April 2009 - Almirall - In EU, including Russia, Turkey and Switzerland
Nov 2009 - Astellas - In Japan, S. Korea, Taiwan, Thailand, Phillipines, Indonesia
Oct 2012 - AstraZeneca - In China
Analysts expect sales on this molecule to reach over a $1B a year. Put a 4-5X multiple on IRWD sales and its clear current PPS is very undervalued.