AsianScientist (Mar. 27, 2012) – Anaphore Inc. has acquired Shanghai-based RuiYi Inc., bringing the company a powerful biologics drug discovery platform focused on the discovery and development of biologic therapies targeting G protein coupled receptors (GPCRs).
“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 A. Grayson, president and CEO of Anaphore.
“RuiYi also provides Anaphore a Wholly Foreign-Owned Enterprise (WFOE) in Pudong Shanghai, a necessity for conducting business in China, and establishes relationships with all of RuiYi’s current collaborators.”
GPCRs are a class of cell surface signaling proteins that has broad tissue expression in the body and are ideal drug targets, constituting greater than 40 percent of marketed small molecule drugs.
While much progress has been made over the years in the development of small molecule pharmaceuticals targeting GPCRs, development of biologic therapies have been much more limited. RuiYi’s technology allows for the discovery of high quality GPCR biologics.
Anaphore recently closed on the US$15 million second tranche of the company’s US$38 million Series A financing. Investors in the financing, which had its first close in January 2009, included 5AM Ventures, Versant Ventures, Apposite Capital, SR One, Merck Serono Ventures and Aravis.
RuiYi was founded by Raymond Stevens, PhD., of The Scripps Research Institute (TSRI), and TSRI alumni Fei Xu, Ph.D. of Shanghai, China.
Source: Anaphore, Inc.
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