Pulmatrix has announced a planned merger with biopharma Cullgen, which is developing oral protein degraders for the treatment of various indications. In anticipation of the merger, Pulmatrix says that it will divest inhalation assets, including PUR1800 inhaled dry powder narrow spectrum kinase inhibitor, PUR3100 inhaled dry powder DHE, and patents related to the company’s iSPERSE particle engineering platform.
In January 2024, Pulmatrix announced that it would stop a Phase 2b trial of PUR1900 dry powder itraconazole (Pulmazole) in patients with allergic bronchopulmonary aspergillosis (ABPA) and that Cipla would take over further development of PUR1900. Several months later, the company said that it was transferring a research facility and some personnel to DPI developer MannKind Corporation, with MannKind also getting a license for the use of the iSPERSE platform for several of its inhalation products.
According to the announcement, Pulmatrix stockholders would own less than 4% of the combined company following the merger, which is expected to close by the end of March 2025. The Cullgen board will add one person representing Pulmatrix.
Pulmatrix interim CEO Peter Ludlum commented, “Following a thorough evaluation of strategic alternatives, the Pulmatrix board of directors and management team believe that this anticipated transaction represents an opportunity to deliver value to our stockholders. We anticipate that this merger will allow our stockholders to participate in Cullgen’s promising research and development activities and also provide a benefit in the form of a potential dividend component immediately prior to the close of the merger. Prior to transaction closing, we will attempt to increase cash available for the special dividend by divesting corporate assets including PUR1800, PUR3100, and the patent portfolio for iSPERSE.”
Read the Pulmatrix and Cullgen press release.
