PALO ALTO, Calif., Agilent Technologies Inc. (NYSE: A)announced that it has acquired privately held SynPro Corp., the owner of a contract manufacturing facility established to supply active pharmaceutical ingredients and provide related services. Financial details were not disclosed.
Based on Agilent and industry estimates, the size of the combined RNA and DNA synthesis market is approximately $700 million in 2006, with anticipated growth in the range of 10 to 20 percent per year.
“Joining Agilent is a good fit for SynPro,” said James Powell, SynPro CEO. “SynPro’s focus on innovation, analytical rigor, and dedication to providing the highest quality products and services are consistent with Agilent’s approach to doing business.”
SynPro was established in December 2005 by James Powell, CEO, and Kevin Nash, COO and general counsel, to acquire the contract manufacturing facility in Boulder, Colo. Agilent has hired 22 employees associated with this transaction, most of whom have been working together at the Boulder facility since 2002.
SynPro will join the New Business Group within Agilent, which is chartered to develop new businesses consistent with Agilent’s growth strategy.