Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
Ridgeback Capital Investments L.P.
2. Issuer Name and Ticker or Trading Symbol
IRONWOOD PHARMACEUTICALS INC [IRWD]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

430 PARK AVENUE, 12TH FLOOR
3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2011
(Street)


NEW YORK, NY 10022
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Reporting
(check applicable line)

___ Form Filed by One Reporting Person
_X_ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Class B Common Stock (2) 08/02/2011   S4 94,600 D $ 15.2 9,794,662 D (1)  
Class B Common Stock (2) 08/02/2011   S4 2,300 D $ 15.39 9,792,362 D (1)  
Class B Common Stock (2) 08/02/2011   P4 1,000 A $ 15.12 9,793,362 D (1)  
Class B Common Stock (2) 08/03/2011   S4 59,049 D $ 15.27 9,734,313 D (1)  
Class B Common Stock (2) 08/03/2011   S4 226,200 D $ 15.09 9,508,113 D (1)  
Class B Common Stock (2) 08/04/2011   S4 75,000 D $ 15 9,433,113 D (1)  
Class B Common Stock (2) 08/04/2011   S4 25,000 D $ 15.1 9,408,113 D (1)  
Class B Common Stock (2) 08/04/2011   S4 25,600 D $ 15.01 9,382,513 D (1)  
Class B Common Stock (2) 08/05/2011   S4 10,000 D $ 14.55 9,372,513 D (1)  
Class B Common Stock (2) 08/05/2011   S4 50,000 D $ 14 9,322,513 D (1)  
Class B Common Stock (2) 08/08/2011   S4 108,200 D $ 12.44 9,214,313 D (1)  
Class B Common Stock (2) 08/09/2011   S4 99,700 D $ 12.42 9,114,613 D (1)  
Class B Common Stock (2) 08/09/2011   S4 42,812 D $ 12.44 9,071,801 D (1)  
Class B Common Stock (2) 08/09/2011   S4 32,372 D $ 12.49 9,039,429 D (1)  
Class B Common Stock (2) 08/11/2011   S4 39,600 D $ 12.54 8,999,829 D (1)  
Class B Common Stock (2) 08/15/2011   S4 1,400 D $ 13.02 8,998,429 D (1)  
Class B Common Stock (2) 08/15/2011   S4 12,765 D $ 12.96 8,985,664 D (1)  
Class B Common Stock (2) 08/17/2011   S4 250,000 D $ 13 8,735,664 D (1)  
Class B Common Stock (2) 08/18/2011   S4 99,000 D $ 12.45 8,636,664 D (1)  
Class B Common Stock (2) 08/18/2011   P4 1,000 A $ 12.42 8,637,664 D (1)  
Class B Common Stock (2) 08/19/2011   S4 93,600 D $ 12.23 8,544,064 D (1)  
Class B Common Stock (2) 08/22/2011   S4 70,000 D $ 12.44 8,474,064 D (1)  
Class B Common Stock (2) 08/23/2011   S4 31,352 D $ 13.05 8,442,712 D (1)  
Class B Common Stock (2) 08/23/2011   S4 500 D $ 13.04 8,444,212 D (1)  
Class B Common Stock (2) 08/25/2011   S4 80,000 D $ 12.71 8,362,212 D (1)  
Class B Common Stock (2) 08/26/2011   S4 25,000 D $ 12.82 8,337,212 D (1)  
Class B Common Stock (2) 08/26/2011   S4 47 D $ 13 8,337,165 D (1)  
Class B Common Stock (2) 08/30/2011   S4 20,100 D $ 12.75 8,317,065 D (1)  
Class B Common Stock (2) 08/30/2011   P4 100 A $ 12.75 8,317,165 D (1)  
Class B Common Stock (2) 08/30/2011   S4 100 D $ 12.82 8,317,065 D (1)  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Ridgeback Capital Investments L.P.
430 PARK AVENUE
12TH FLOOR
NEW YORK, NY 10022
    X    
Ridgeback Capital Investments Ltd.
430 PARK AVENUE
12TH FLOOR
NEW YOR,, NY 10022
    X    
Ridgeback Capital Management LP
430 PARK AVENUE
12TH FLOOR
NEW YORK, NY 10022
    X    

Signatures

/s/ Bud Holman, Attorney-in-Fact 01/31/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Ridgeback Capital Investments L.P. owns all of the securities reported herein directly. Ridgeback Capital Investments Ltd. is the general partner of Ridgeback Capital Investments L.P. Pursuant to an investment management agreement, Ridgeback Capital Management LP maintains investment and voting power with respect to the securities held or controlled by Ridgeback Capital Investments Ltd. Wayne Holman, an individual, controls Ridgeback Capital Management LP. Ridgeback Capital Management LP, Ridgeback Capital Investments Ltd. and Wayne Holman do not own any securities reported herein directly and disclaim beneficial ownership of any of the securities covered by this statement, except to the extent of any pecuniary interest therein.
(2) Shares of Class B Common Stock are convertible at any time, at the holder's election, and automatically upon transfer, on a one-for-one basis into shares of Class A Common Stock.
 
Remarks:
Disgorgement of profits is being made by the Reporting Persons to the Issuer.

This is 1 of 3 Form 5s being filed.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.