Closing a $300 Million Bio Deal: Fibrosis and Protein Degradation Drugs Under One Roof

GYRE Therapeutics, Inc. (“GYRE”) announced on May 4 that it has completed the acquisition of U.S. clinical-stage biotech Cullgen via a stock-for-stock exchange valued at approximately USD 300 million (KRW 400 billion), making Cullgen a wholly owned subsidiary. As part of the transaction, Cullgen’s former CEO Dr. Yingluo has been appointed GYRE’s new Chief Executive Officer and President, while former Chairwoman Ping Zhang will remain Chair of the Board. The combined company will continue trading on Nasdaq under the ticker “GYRE” and, as an integrated U.S.-and-China–focused biopharma, will bring together its China-commercial product ETUARY, the HBV-derived liver fibrosis therapeutic candidate F351, and its protein-degradation platform and degrader antibody-drug conjugate pipeline.

On May 7, GYRE reported first-quarter 2026 results and provided a business update in which it reaffirmed full-year revenue guidance. The company also outlined progress on the New Drug Application for F351 in China for liver fibrosis and the advancement of ETUARY’s Phase studies to expand its indication into radiation-induced lung injury.

GYRE Therapeutics is a commercial-stage biopharma company specializing in fibrotic and inflammatory diseases with operations in the U.S. and China. Leveraging its controlling interest in the Chinese subsidiary, GYRE has secured early-stage development and manufacturing capabilities for its pipeline. The recent acquisition of Cullgen adds targeted protein-degradation and degrader antibody-drug conjugate technologies, positioning the company to compete fully in the next-generation modality arena of the global pharmaceutical industry.