Corning increases lab portfolio with acquisition of Axygen BioScience

9 October 2009

Corning Incorporated (NYSE:GLW) has acquired all the shares of Axygen BioScience, Inc. and its subsidiaries from American Capital Ltd. (Nasdaq:ACAS) for approximately US$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’s Life Sciences segment.

The acquisition supports Corning’s ongoing commitment to supply its customers with a comprehensive and innovative line of laboratory research products by extending its broad array of products.

Axygen’s 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’s presence in Asia through Axygen’s two manufacturing locations and increases access to customers in the Asia region.

“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.

“We are looking forward to working with Axygen’s talented management team, whose leadership and vision have resulted in a set of brands recognized for quality and innovation by customers around the world,” 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, “We 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.”

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