Combined business to develop life science research and clinical diagnostics products

Chantilly, VA and Chelmsford, MA – Magellan Biosciences 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, a biotechnology company in Gaithersburg, MD. Financial terms were not disclosed. Including previously acquired ESA, located in Chelmsford, MA, Magellan says it expects to generate consolidated revenues in excess of US$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," says Herbert Hooper, PhD, a general partner at Ampersand Ventures and chairman of Magellan’s board.