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Drug-target binding affinity prediction plays a key role in the early stage of drug discovery. Numerous experimental and data-driven approaches have been developed for predicting drug-target binding affinity. However, experimental methods highly rely on the limited structural-related information from drug-target pairs, domain knowledge, and time-consuming assays. On the other hand, learning-based methods have shown an acceptable prediction performance. However, most of them utilize several simple and complex types of proteins and drug compounds data, ranging from the protein sequences to the topology of a graph representation of drug compounds, employing multiple deep neural networks for encoding and feature extraction, and so, leads to the computational overheads. In this study, we propose a unified measure for protein sequence encoding, named BiComp, which provides compression-based and evolutionary-related features from the protein sequences. Specifically, we employ Normalized Compression Distance and Smith-Waterman measures for capturing complementary information from the algorithmic information theory and biological domains, respectively. We utilize the proposed measure to encode the input proteins feeding a new deep neural network-based method for drug-target binding affinity prediction, named BiComp-DTA. BiComp-DTA is evaluated utilizing four benchmark datasets for drug-target binding affinity prediction. Compared to the state-of-the-art methods, which employ complex models for protein encoding and feature extraction, BiComp-DTA provides superior efficiency in terms of accuracy, runtime, and the number of trainable parameters. The latter achievement facilitates execution of BiComp-DTA on a normal desktop computer in a fast fashion. As a comparative study, we evaluate BiComp's efficiency against its components for drug-target binding affinity prediction. The results have shown superior accuracy of BiComp due to the orthogonality and complementary nature of Smith-Waterman and Normalized Compression Distance measures for protein sequences. Such a protein sequence encoding provides efficient representation with no need for multiple sources of information, deep domain knowledge, and complex neural networks. Author summary: Drugs alter the protein conformation and functionality through binding to the target proteins. Measuring the binding tendency between drugs and proteins, known as drug-target binding affinity prediction, is an important task in developing new drug candidates and novel therapeutics in the early stage of drug discovery. Measuring the affinity strength through biological assays is expensive and time-consuming. On the other hand, considerable data-driven and computational methods are proposed to predict binding affinity prediction through employing complicated models, and multiple types of proteins and drug compounds data. In this paper, we present a deep learning-based method, named BiComp-DTA, which utilizes both biological and sequence content features extracted from the protein sequences using a new unified measure, named BiComp. Encoded protein sequences and drug's information are passed to the fully-connected and hybrid neural networks, including CNN and separable CNN layers, respectively. Simulation results using benchmark datasets indicate that BiComp-DTA provides an accurate and fast prediction for drug-target binding affinity prediction without employing multiple complicated networks, several types of proteins and drug compounds data, and external tools for input data modeling. [ABSTRACT FROM AUTHOR]