300 Million Dollar Bio Big Deal: US-China Joint Venture Targets Protein Degradation Drug

Gyre Therapeutics, Inc. (NYSE: GYRE) announced on May 4 that it has completed the acquisition of clinical-stage biopharmaceutical company Cullgen for approximately $300 million in an all-stock transaction, making Cullgen a wholly owned subsidiary. Under the agreement, Dr. Ying Luo, former CEO of Cullgen, has been appointed Gyre’s Chief Executive Officer and President and will join its board of directors, while Ping Zhang will remain Board Chair. Following the merger, the combined company will continue trading under the ticker GYRE on the Nasdaq Capital Market and operate as a fully integrated U.S.-China biopharmaceutical company, spanning China-commercialized products, late- and early-stage fibrosis and inflammatory disease pipelines, and a protein degradation platform. (Source: globenewswire.com)

The company recently submitted a New Drug Application for F351 hydronidon—a treatment for chronic hepatitis B–induced liver fibrosis—through its Chinese subsidiary, Gyre Pharmaceuticals, to China’s Center for Drug Evaluation. The application has been granted priority review status by the National Medical Products Administration’s review center. (Source: ir.gyretx.com)

Gyre Therapeutics is a commercial-stage biopharma company marketing ETUARY for pulmonary fibrosis in China, with R&D efforts focused on chronic organ fibrosis, including liver fibrosis, and inflammatory diseases. (Source: gyretx.com) With the acquisition of Cullgen, Gyre also gains a targeted protein degradation and degrader-antibody conjugate platform, positioning it to compete in the global race for protein degradation–based therapeutics. (Source: globenewswire.com)