Gyre Therapeutics agrees to acquire Cullgen in a $300M all-stock deal, creating a U.S.-China integrated biopharma powerhouse in fibrosis, TPD/DAC therapies for inflammation, cancer, and pain. NDA for Hydronidone eyed for H1 2026.
Written By: Pharmacally Medical News Desk
Gyre Therapeutics, Inc. a commercial-stage biopharmaceutical company focused on fibrosis therapies, announced today an all-stock agreement to acquire Cullgen Inc., a clinical-stage developer of targeted protein degrader (TPD) and degrader antibody conjugate (DAC) therapies.
Valued at approximately $300 million, the deal positions the combined entity as a fully integrated player with discovery, manufacturing, and commercialization capabilities across the U.S. and China, targeting inflammatory diseases, cancers, pain, and fibrosis.
Under the definitive agreement, Cullgen will become a wholly owned subsidiary of Gyre. The transaction, expected to close in early Q2 2026 pending U.S. regulatory approvals and customary conditions, follows Cullgen’s termination of a prior merger with Pulmatrix.
Post-acquisition leadership will blend expertise from both firms. Gyre’s interim CEO and Executive Chairman, Ping Zhang, will continue as Executive Chairman. Cullgen’s CEO, Dr. Ying Luo, will step in as Gyre’s President and CEO, joining the board. “Cullgen brings strong drug discovery and a robust preclinical/clinical pipeline to complement Gyre’s efficient China-based manufacturing and sales,”
Dr. Luo said. This synergy enhances Gyre’s commercial footprint, including its marketed ETUARY® for lung fibrosis in China and Hydronidone (F351), a first-in-class anti-liver fibrosis candidate nearing NDA submission.
Gyre recently secured positive feedback from China’s National Medical Products Administration (NMPA) Center for Drug Evaluation (CDE) in a pre-NDA meeting, supporting conditional approval and priority review for Hydronidone.
Gyre Pharmaceuticals, a majority-owned subsidiary, plans NDA submission in H1 2026, followed by a Phase 3c confirmatory trial for full approval. Expansion beyond China is also underway.
Mr. Zhang highlighted the strategic fit: “Cullgen’s TPD/DAC platform and pipeline will fuel our long-term growth, building on our fibrosis momentum.” The deal unites Cullgen’s innovative degraders aimed at hard-to-drug targets with Gyre’s organ-specific fibrosis expertise and China market access, promising accelerated global development.
Reference
Gyre Therapeutics Enters into Agreement to Acquire Cullgen to Gain Targeted Protein Degradation Platform and Pipeline, 02 March 2026, https://static1.squarespace.com/static/64fa49d6dc6a8807524aa6c6/t/69a5d058064867108bc7f631/1772474456845/Cullgen-Gyreagreementpressrelease.pdf
Gyre Therapeutics Enters into Agreement to Acquire Cullgen to Gain Targeted Protein Degradation Platform and Pipeline, 02 March 2026, https://ir.gyretx.com/news-releases/news-release-details/gyre-therapeutics-enters-agreement-acquire-cullgen-gain-targeted