Corning Acquire Axygen BioScience

Corning Inc has acquired all the shares of Axygen BioScience, Inc and its subsidiaries from American Capital Ltd, for approximately $400 million in cash. Headquartered in Union City, California, 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’s Life Sciences segment. “Axygen’s product portfolio and established distribution network will significantly strengthen Corning’s life sciences platform and are critical components to our
long-term growth strategy for this business,” said Peter F. Volanakis, Corning’s President and Chief Operating Officer. “We 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,” he added. Hemant Gupta, the founder of Axygen, will remain with the business, serving as President and Chief Executive Officer, as will other key personnel.

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