Sixteen months after small Framingham biopharma Pulmatrix announced plans to merge with San Diego-based drug developer Cullgen, the deal has been called off.
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Sixteen months after small Framingham biopharma Pulmatrix announced plans to merge with San Diego-based drug developer Cullgen, the deal has been called off.
Cullgen informed Pulmatrix it was ending the pair’s merger agreement in a Saturday termination notice, according to a Monday press release from Pulmatrix. On Monday, Cullgen announced it was now going to be acquired by Gyre Therapeutics, a biopharma company also based in San Diego. In a deal worth approximately $300 million, Cullgen will operate as a wholly-owned subsidiary of Gyre.
Cullgen’s termination of the Pulmatrix merger is a result of significant delays at the China Securities Regulatory Commission that occurred in 2025, Peter Ludlum, Pulmatrix interim CEO, said in the release. With Cullgen operating a location out of Shanghai, the merger deal had been awaiting CSRC approval.
In November 2024, Pulmatrix announced it would be almost completely acquired by Cullgen in a deal to see Pulmatrix stockholders retain approximately 3.6% of the combined company, with Cullgen owners retaining 96.4% of the firm.
Pulmatrix is still looking for new merger opportunities.
“We are encouraged by both the interest we’ve had to date as well as the recent increase in transaction activity within our industry,” Ludlum said in the release.
Established in 2003, Pulmatrix specializes in the development of inhaled therapeutics to treat conditions including migraines, chronic obstructive pulmonary disease, and asthma. With two full-time employees, Pulmatrix did not generate revenue last year, and instead operated with a $5.2-million net loss in the fiscal year ending on Dec. 31, according to a Feb. 26 filing with the U.S. Securities and Exchange Commission
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare, manufacturing, and higher education industries.
