Corning Incorporated Acquires Axygen BioScience, Inc.
16 Setembro 2009 - 9:00AM
Business Wire
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’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.”
Lincoln International, a global mid-market investment bank,
acted as financial advisor to Corning.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes
in the mix of sales between premium and non-premium
products; new plant start-up or restructuring costs;
possible disruption in commercial activities due to terrorist
activity, armed conflict, political instability or major health
concerns; adequacy of insurance; equity company activities;
acquisition and divestiture activities; the level of excess or
obsolete inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues; stock
price fluctuations; and adverse litigation or regulatory
developments. These and other risk factors
are detailed in Corning’s filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
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.
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