According to Pulmatrix, Cullgen has terminated the 2024 merger agreement between the companies. Pulmatrix said that it would In December 2025, Pulmatrix and Cullgen announced that Chinese authorities had still not approved the merger, and the companies had agreed to waive the merger deal’s “no solicitation” clause. Pulmatrix says that it “continues to pursue alternative merger opportunities.”
At the time of the 2024 announcement, Pulmatrix said that it intended to divest its inhalation assets, including patents related to the iSPERSE particle engineering platform; PUR1800, an inhaled dry powder narrow spectrum kinase inhibitor; PUR1900 dry powder itraconazole (Pulmazole); and PUR3100 inhaled dry powder DHE. The company says that the iSPERSE portfolio included 149 granted patents and 48 patent applications as of the end of 2025.
Pulmatrix also points out that both Cipla and MannKind Corporation have licensed iSPERSE technology for DPI products. In January 2024, the company announced that Cipla had agreed to take over further development of PUR1900 after Pulmatrix halted a Phase 2b trial. MannKind acquired a Pulmatrix R&D facility and a license to use iSPERSE technology for certain products in May 2024.
Pulmatrix Interim CEO Peter Ludlum commented, “Due to the significant delays at the Chinese Regulatory Authority (CSRC) in 2025, we initiated a process earlier this year to identify an alternative reverse merger opportunity for the company, and we are encouraged by both the interest we’ve had to date as well as the recent increase in transaction activity within our industry.”
Read the Pulmatrix press release
