Gyre Therapeutics announced an all‑stock acquisition of Cullgen valued at roughly $300 million, a deal that folds Cullgen’s targeted protein degradation (TPD) discovery engine and two clinical‑stage degrader programs into Gyre’s China‑focused development and manufacturing platform. The transaction gives Gyre immediate access to an oral pan‑TRK degrader and a degrader‑antibody conjugate (DAC) capability, while reshaping the combined company’s leadership. Gyre cited strategic synergies across discovery, clinical development and China commercialization; Cullgen’s TPD platform strengthens Gyre’s pipeline diversification into degrader modalities now advancing in global pharma.