Corning buys Axygen BioScience for $400 million

In its efforts to expand its product portfolio and increase global access, Corning Inc., world leader in specialty glass and ceramics announced yesterday that it has acquired Axygen BioScience Inc. (Axygen) for approximately $400 million.

The shares of Axygen and its subsidiaries were acquired from the struggling American Capital Ltd., a publicly traded private equity firm and global asset manager, in an all cash deal.

California-based Axygen is a leading global supplier of high-quality life sciences plastic consumable labware, liquid handling products, and bench-top laboratory equipment to pharmaceutical, biotech, government, academic, clinical and industrial research customers around the world. Its operations are spread over US, France, Poland and China.

On closing of the transaction, Axygen will be integrated into Corning's life sciences segment.

The acquisition will expand Corning's array of products by including Axygen's high-quality consumables, laboratory equipment, general labware etc in addition to expanding its presence in Asia through Axygen's manufacturing locations.

Corning's president and chief operating officer, Peter F Volanakis said, ''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.''