Gyre Therapeutics to acquire Cullgen in $300M all-stock transaction

Gyre Therapeutics (GYRE) announced its agreement to acquire Cullgen, a privately-held, clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degrader and degrader antibody conjugate therapies, in an all-stock transaction valued at approximately $300M. Following the closure of the acquisition, the new combined entity will be a fully integrated biopharmaceutical company with U.S.- and China-based capabilities spanning from discovery to manufacturing and commercialization and covering multiple therapeutic areas including inflammatory diseases, cancers, and pain. Under the terms of the definitive agreement, Cullgen will become a wholly owned subsidiary of Gyre. Upon the completion of the acquisition, the interim CEO and Executive Chairman of Gyre, Ping Zhang, will remain as the Executive Chairman. The current CEO of Cullgen, Dr. Ying Luo, is expected to become the President and EO and a member of the board of directors of Gyre. The transaction is expected to close early in the second quarter of 2026, subject to customary closing conditions, including necessary regulatory approvals in the United States. Prior to entering into this transaction, Cullgen’s proposed merger with Pulmatrix (PULM) was terminated.