Anaphore purchases RuiYi in Shanghai, China
For GPCR biologics drug discovery platform
Anaphore has acquired Shanghai-based RuiYi, bringing the US firm a drug discovery platform focused on the development of biologic therapies targeting G protein coupled receptors (GPCRs).
RuiYi was founded by Raymond Stevens, professor of molecular biology and chemistry at The Scripps Research Institute (TSRI) in La Jolla, California, US, and TSRI alumni Fei Xu, of Shanghai, China.
‘The acquisition of RuiYi in China allows Anaphore to access the substantial scientific expertise, capital and potential new collaboration opportunities in the Chinese pharmaceutical marketplace,’ said Paul Grayson, president and chief executive of Anaphore.
RuiYi also provides Anaphore with a Wholly Foreign-Owned Enterprise (WFOE) in Pudong Shanghai and establishes relationships with all of RuiYi's current collaborators.
Stevens added: ‘Anaphore's expertise in biologic drug development combined with RuiYi's knowledge in targeting GPCRs is an optimal alignment of talent, energy and resource to discover novel medicines to address human medical needs.’
GPCRs, a class of cell surface signalling proteins with broad tissue expression in the body, account for more than 40% of marketed small molecule drugs. While progress has been made in the development of small molecule pharmaceuticals targeting GPCRs, development of biologic therapies has been more limited. RuiYi says its technology allows for the discovery of high quality GPCR biologics.
Anaphore has added Peppi Prasit, founder and ceo of Inception Sciences, and Stevens to its Board. Prasit has more than 20 years of experience in pharmaceutical research and management in various positions at Merck Frosst Canada and more recently at Merck San Diego.
Stevens’ research is focused on structural biology and structure-based drug discovery including involvement in the development of influenza drug Tamiflu, Kuvan for mild phenylketonuria, Peg-pal for classical phenylketonuria, and alogliptin for type II diabetes. He has also founded biotech companies Syrrx, MemRx, Receptos and RuiYi.
Anaphore recently closed on the US$15m second tranche of the company's $38m Series A financing. Investors included 5AM Ventures, Versant Ventures, Apposite Capital, SR One, Merck Serono Ventures and Aravis.
