Gyre Therapeutics closed its acquisition of Cullgen in an all-stock transaction valued at about $300 million, adding a clinical-stage targeted protein degrader platform to its existing fibrosis business.
The deal turned Cullgen into a wholly owned subsidiary and brought in Dr. Ying Luo as Gyre’s president and chief executive officer and a member of the board. Ping Zhang remains chairman. The combined company continues trading on Nasdaq under the ticker GYRE.
The acquisition gives Gyre a commercial product in China, Eutary, alongside a broader pipeline stretching from discovery through Phase 3. Gyre said the expanded portfolio now includes its lead candidate F351, or hydronidone, for chronic hepatitis B-induced liver fibrosis, plus targeted protein degraders and degrader-antibody conjugates from Cullgen.
Gyre also highlighted several recent development milestones. In March, F351 received priority review status from China’s Center for Drug Evaluation for its NDA. The company said it is also exploring F351 development outside China, including in the U.S.
On the late-stage side, Gyre said it has completed enrollment in its 52-week Phase 3 Eutary trial for pneumoconiosis and has enrolled the first patient in a Phase 3 study of Eutary for radiation-induced lung injury, with or without immune checkpoint inhibitor-related pneumonitis.
Before the acquisition, Gyre Pharmaceuticals, the company’s China subsidiary, held a 69.7% equity interest in Gyre Therapeutics as of Dec. 31, 2025. Gyre Pharmaceuticals’ flagship product, Eutary, was first approved in China for idiopathic pulmonary fibrosis in 2011 and has maintained a prominent market share in recent years. The market has reacted to these announcements by moving the company's shares 0.0% to a price of $7.44. For the full picture, make sure to review GYRE THERAPEUTICS, INC.'s 8-K report.
