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Corning Incorporated Acquires Axygen BioScience, Inc.

hits:2783     Date:09/18/09
Acquisition to expand Corning鈥檚 portfolio of life sciences products and global customer access 

Corning Incorporated (NYSE:GLW) announced today that it has acquired all the shares of Axygen BioScience, Inc. and its subsidiaries from American Capital Ltd. (Nasdaq:ACAS) for approximately $400 million in cash.

Headquartered in Union City, Calif., Axygen is a leading manufacturer and distributor of high-quality life sciences plastic consumable labware, liquid handling products, and bench-top laboratory equipment with operations in the United States, France, Poland, and China. Axygen will be integrated into Corning鈥檚 Life Sciences segment.

The acquisition supports Corning鈥檚 ongoing commitment to supply its customers with a comprehensive and innovative line of laboratory research products by extending its broad array of products. Axygen鈥檚 product portfolio of high-quality plastic consumables (including pipettes, pipette tips, and high-throughput screening (HTS) products) and lab equipment (including centrifuges, pipette controllers, and incubators) expands upon and complements the general labware, cell culture, and HTS/Assay products offered today by Corning. In addition, the acquisition enhances Corning鈥檚 presence in Asia through Axygen鈥檚 two manufacturing locations and increases access to customers in the Asia region.

鈥淎xygen鈥檚 product portfolio and established distribution network will significantly strengthen Corning鈥檚 life sciences platform and are critical components to our long-term growth strategy for this business,鈥 said Peter F. Volanakis, Corning鈥檚 president and chief operating officer. 鈥淲e believe this highly strategic acquisition offers synergies that will allow us to grow our life sciences business to more than $500 million in revenue by 2011,鈥 he added.

鈥淲e are looking forward to working with Axygen鈥檚 talented management team, whose leadership and vision have resulted in a set of brands recognized for quality and innovation by customers around the world,鈥 said Mark A. Beck, senior vice president, Corning Life Sciences.

Hemant Gupta, the founder of Axygen, will remain with the business, serving as president and chief executive officer, as will other key personnel of Axygen. Regarding this transaction, Gupta said, 鈥淲e are very excited to be joining the Corning organization. Corning is a world leader in bringing innovative scientific labware products to market and we are looking forward to making major contributions to the continued success of this well-respected organization.鈥

Lincoln International, a global mid-market investment bank, acted as financial advisor to Corning.

About Corning Incorporated
Corning Incorporated (
www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 150 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.

About American Capital
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $11 billion (as of June 30, 2009) in capital resources under management and 10 offices in the U.S., Europe and Asia. For further information, please refer to
www.AmericanCapital.com.

About Axygen BioScience Inc.
Axygen employs over 1,200 associates serving pharmaceutical, biotech, government, academic, clinical and industrial research customers around the world. The company has successfully commercialized more than 50 new products since 2005, including its MAXYmum Recovery™ product line, which uses a proprietary coating to minimize attachment of fluids or proteins to the sidewalls of plastic consumables. More information about Axygen can be found at
www.Axygen.com.

SOURCE FROM Corning Incorporated

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