Framingham-based biopharma company announces merger agreement with San Diego firm
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Pulmatrix has been based out of this Framingham office building at 945 Concord St. since May, and will soon be moving its headquarters to California following a merger with a San Diego firm.
Pulmatrix, a Framingham-based biopharma company which trades on the Nasdaq exchange, has announced its intent to merge with Cullgen, a privately-held drug developer based in San Diego.
The merger would see the combined company operating under the Cullgen name and headquartered in San Diego, with the company listed on the Nasdaq exchange. Pumatrix stockholders would own approximately 3.6% of the combined company, while Cullgen owners would own the remaining 96.4%.
Cullgen CEO Dr. Ying Luo will lead the merged entity, with a single representative from Pulmatrix joining the existing Cullgen board, according to a Wednesday press release from Cullgen.
"I'm delighted to announce this planned merger with Pulmatrix, which comes at a pivotal moment in the evolution of our company as we advance our pipeline of targeted protein degraders into clinical development for cancer and other diseases,” Luo said in the press release. “Listing on Nasdaq will help fuel our growth and enable us to unlock the full potential of our technology platform, including our plans to develop and advance degrader-antibody conjugates and additional targeted protein degraders into the clinic."
Cullgen currently has three research efforts that are in or about to initiate clinical testing, including treatments for solid tumors and chronic pain.
Founded in 2003, Pulmatrix has largely focused on inhaled therapeutic products, including those designed to treat ailments involving the central nervous system and respiratory diseases. The company moved its headquarters to Framingham in May, following the offloading of its lease for its former location in Bedford to Connecticut-based biopharma firm MannKind Corp, according to a Pulmatrix press release.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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