Gyre Therapeutics Closes Cullgen Acquisition, Forging U.S.- and China-Based Integrated Biopharmaceutical Powerhouse
Gyre Therapeutics, Inc. (Nasdaq: GYRE) has officially closed its acquisition of Cullgen Inc., the company announced today, creating an integrated biopharmaceutical player with operations spanning the United States and China. The all-stock transaction, valued at approximately $300 million, transforms Gyre from a fibrosis-focused commercial-stage company into a fully integrated drug developer with assets ranging from discovery through commercialization.
As part of the deal, Cullgen now operates as a wholly owned subsidiary of Gyre. Furthermore, Dr. Ying Luo, who previously led Cullgen as Chief Executive Officer, has stepped into the role of President and CEO at the combined company and joined Gyre’s Board of Directors. Meanwhile, Ping Zhang continues to serve as Chairman of the Board, and the company will keep trading on the Nasdaq Capital Market under the ticker “GYRE.”
A Bridge Between Two Innovation Hubs
The acquisition unites Cullgen’s expertise in targeted protein degraders (TPDs) and degrader antibody conjugates (DACs) with Gyre’s established commercial infrastructure. Moreover, the combined entity gains a cost-efficient discovery and early-stage development engine in China, while also bolstering its U.S. leadership team to support global growth ambitions.
“We are eager to move forward as a U.S.- and China-based fully integrated biopharmaceutical company,” said Dr. Luo. He emphasized that the merger delivers immediate commercial value through ETUARY®, which already treats lung fibrosis in China, alongside a deep pipeline anchored by lead candidate F351 (hydronidone) for chronic hepatitis B (CHB)-induced liver fibrosis. In addition, the new entity inherits Cullgen’s strong preclinical and clinical programs in TPDs and DACs.
Momentum on Multiple Fronts
Notably, the deal closes on the heels of several pipeline catalysts. In March, the Center for Drug Evaluation of China’s National Medical Products Administration granted priority review status to the F351 New Drug Application. Beyond that milestone, Gyre is actively exploring F351’s expansion into ex-China markets, including the United States.
The company has also completed enrollment in its 52-week Phase 3 ETUARY® trial for pneumoconiosis. On top of that, Gyre has dosed the first patient in a Phase 3 study evaluating ETUARY® in a new indication: radiation-induced lung injury with or without immune checkpoint inhibitor-related pneumonitis.
“This combination occurs at an exciting time for Gyre,” Chairman Zhang said. He added that Cullgen’s discovery engine has already produced several promising degraders and DACs, which he believes will strengthen Gyre’s asset portfolio and deliver long-term value.
About the Combined Company
Headquartered in San Diego, Gyre Therapeutics now commands a portfolio that spans organ fibrosis treatments and highly selective targeted protein degraders designed to eliminate disease-driving proteins. The company also holds preclinical programs in next-generation degrader-antibody conjugates.
In China, Gyre advances its broad pipeline through its 69.7% controlling stake in Gyre Pharmaceuticals, which includes therapeutic expansions of ETUARY® as well as development programs for F573 and F528. ETUARY® itself holds a notable distinction: launched in 2011, it became the first approved treatment for idiopathic pulmonary fibrosis in China and has maintained a leading market share ever since. For more information about Gyre Therapeutics please visit www.ir.gyretx.com.
