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Biotheryx’s Initial Alliance Pairs With Incyte On Targeted Protein Degradation

 
• By Joseph Haas

Biotheryx will deploy its PRODEGY platform to discover candidates against novel cancer targets selected by Incyte. The deal occurred the same day as a Merck/Proxygen protein-degradation alliance.

Cancer researchers
Biotheryx and Incyte will team up to research novel cancer targets • Source: Shutterstock

Protein-degradation specialist BioTheryX, Inc. has landed its first partnership, unveiling an alliance with Incyte Corporation on 5 April under which it will deploy its PRODEGY platform technology to discover targeted protein degraders for novel oncology targets selected by Incyte. While the partnership initially centers on one undisclosed target, Biotheryx said it can be expanded to other targets.

Based in San Diego, Biotheryx raised a $92m series E financing in May 2021 led by Farallon Capital Management, with a lengthy list of venture capital backers also participating. (Also see "Finance Watch: 14 Biopharma Companies Raise $1bn From VC, Canadian Government" - Scrip, 24 May, 2021

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