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Combined Business Provides Broad Range of Products for
Life Science Research and Clinical Diagnostics
Oct. 19, 2004 – Magellan Biosciences, Inc. announced today that it has acquired Dynex Technologies, a global supplier of microplate instrumentation and automation products for the biomedical research, drug discovery and clinical diagnostic markets headquartered in Chantilly, VA. Magellan acquired the Dynex business from Capital Genomix, Inc., a biotechnology company in Gaithersburg, MD. Financial terms were not disclosed. Including previously acquired ESA, Inc., located in Chelmsford, MA, Magellan expects to generate consolidated revenues in excess of $30 million in 2004.
Magellan Biosciences, which is majority owned by Ampersand Ventures, was established to build a leading life science tools company through a combination of internal growth and acquisitions. Dynex will operate as a subsidiary of Magellan, as will previously acquired ESA. Boston Community Venture Fund is also an investor in Magellan.
“Microplates are the standard format for experimentation in life science research and clinical diagnostics, and Dynex has a strong presence in these markets with its line of microplate readers, washers and automated high throughput systems. Known as a pioneer in its field, Dynex has talented employees and a loyal and expanding customer base for its end-user and OEM products,” explained Herbert Hooper, PhD, a General Partner at Ampersand Ventures and Chairman of Magellan’s Board.
In addition to Dr. Hooper, Magellan’s Board includes Peter Parker, a General Partner at Ampersand, Robert J. Rosenthal, PhD, President of Tekcel, Inc. and Walter DiGiusto, President of ESA. Mr. DiGiusto added, “We see opportunity for significant growth coming from the new product pipelines of both Dynex and ESA, and from synergies in marketing, distribution and product development that will benefit both businesses.”
Dynex was founded in 1952 and currently employs 46 people in its Chantilly, VA facility and subsidiaries, Dynex Technologies Ltd and Dynex Technologies GmbH. Dynex sells products used in clinical diagnostics, drug discovery and biomedical research. Dynex’s products incorporate advanced detection, and fully-automated sample handling. For more information, visit www.dynextechnologies.com.
ESA provides innovative analytical instruments and kits that are used in drug discovery, biomedical research, and clinical diagnostics. ESA’s products incorporate advanced technologies in the areas of high sensitivity detection, chemical sensing, and the analysis of complex biological fluids. For more information, visit www.esainc.com.
Founded in 1988, Ampersand is a leading private equity investment firm with offices in Wellesley, MA and San Diego, CA. Ampersand currently manages $550 million in committed capital with investments targeted in the life sciences, information technology, and specialty materials and chemicals sectors. For more information, visit www.ampersandventures.com
Capital Genomix, a biotechnology company located in Gaithersburg, MD, possesses two powerful and proprietary genomic and proteomic drug development and technology platforms – GeneSystem 320TM (GS320TM) for analytical study of genes and gene expression and ImmunoMouseTM for the development of specific antibodies against genetic sequences of biological significance. For more information, visit www.capitalgenomix.com.
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