Gyre Therapeutics announced an all‑stock deal to acquire Cullgen in a transaction valued at roughly $300 million, giving Gyre immediate access to Cullgen’s targeted protein degradation (TPD) discovery engine, two clinical‑stage degrader programs and an emerging degrader‑antibody conjugate (DAC) platform. The combined company will also bring Etuary (pirfenidone), China’s first approved idiopathic pulmonary fibrosis drug, and a near‑NDA hydronidone program to the table. Leadership changes accompany the deal: Cullgen’s CEO Luo is expected to become president and CEO of the merged company while Gyre’s Ping Zhang will stay on as executive chairman. The transaction aims to pair Cullgen’s sophisticated degrader discovery capabilities with Gyre’s China‑based manufacturing and commercial footprint, creating an integrated biopharma player with both discovery and late‑stage assets. Investors and competitors will be watching integration risks—platform convergence, cross‑border operations, and pipeline prioritization—but the deal signals continued market appetite for TPD and DAC modalities and underscores strategic consolidation along capabilities (discovery engines paired with manufacturing and regional commercial strength).