Gyre Therapeutics agreed on 2 March to buy Cullgen, a clinical-stage developer of targeted protein degraders, in an all-stock deal valued at about $300m.
Why Gyre Therapeutics, Inc. is buying Cullgen Inc.
Gyre said the deal would create a fully integrated drugmaker with US and Chinese operations, combining its commercial fibrosis products and China manufacturing with Cullgen's discovery platform and its degrader and degrader-antibody conjugate pipeline for pain, cancer and inflammatory diseases.
Deal terms and financing
Cullgen became a wholly owned subsidiary of Gyre in exchange for Gyre shares. Gyre's executive chairman Ping Zhang stays as chairman, while Cullgen's Ying Luo became chief executive and joined the board.
Regulatory approvals and timing
Closing was subject to customary conditions, including US regulatory approvals, and was expected early in the second quarter. Gyre announced completion on 4 May 2026; the combined company remains listed on Nasdaq under the ticker GYRE.
Market context
Cullgen's lead candidate, CG001419, is an oral pan-TRK degrader that completed a phase 1 study in acute post-operative pain, and its GSPT1 degrader CG009301 is in a phase 1 trial in blood cancers. Gyre markets ETUARY for lung fibrosis in China.
