Biotech Company with Targeted Protein Degradation Technology Completes $300 Million Acquisition Deal

Gyre Therapeutics, Inc. (NASDAQ: GYRE) has completed its acquisition of Cullgen, a targeted protein degradation drug developer, in an all-stock transaction valued at approximately USD 300 million (KRW 400 billion), making Cullgen a wholly owned subsidiary. As part of the deal, former Cullgen CEO Ying Luo has joined Gyre as President and CEO and a board member, while Ping Zhang remains as Chairman. The combined company will continue trading under the GYRE ticker on the Nasdaq Capital Market and has been restructured into a U.S.–China integrated biopharmaceutical company with a marketed fibrosis therapy ETUARY in China, a chronic hepatitis B-related liver fibrosis candidate F351, and an early-stage pipeline of targeted protein degraders and degrader antibody-drug conjugates.

On May 7, Gyre reported its first-quarter 2026 financial results, provided full-year 2026 revenue guidance, and announced that it submitted a new drug application for F351 to China’s Center for Drug Evaluation in March, receiving priority review status from the National Medical Products Administration. The company also disclosed approximately USD 79.2 million (KRW 100 billion) in cash and cash equivalents as of Q1, underscoring its financial capacity to support the commercialization of F351 and the post-acquisition integration of Cullgen.

Gyre is a commercial-stage biopharmaceutical company based in San Diego and China, focused on developing and commercializing treatments for chronic fibrotic and inflammatory diseases. Through its Chinese subsidiary, it already markets ETUARY for idiopathic pulmonary fibrosis. Chronic organ fibrosis—such as liver fibrosis—and targeted protein degradation technologies are considered high-growth areas in the global pharmaceutical and biotech industry, driving active technology partnerships and M&A to build competitive pipelines.