Corning Acquires Axygen BioScience (posted 9/17/09)
Corning Inc. recently announced that it has acquired all of the shares of Axygen BioScience, Inc. and its subsidiaries from American Capital Ltd. 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 U.S., 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. Axygen’s product portfolio of high-quality plastic consumables (including pipettes, pipette tips and high-throughput screening products) and lab equipment (including centrifuges, pipette controllers and incubators) expands on and complements the general labware, cell culture and HTS/assay products offered 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.”
“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 of Corning Life Sciences.
Hemant Gupta, Axygen’s founder, will remain with the business, serving as president and CEO, as will other key personnel of Axygen. “We are very excited to be joining the Corning organization,” said Gupta. “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.”
Visit www.corning.com or www.axygen.com for more information.