Corning Incorporated Acquires Axygen BioScience, Inc.
Acquisition to expand Corning's portfolio of life sciences products and global customer access
Corning Incorporated announced that it 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, Calif., Axygen is a manufacturer and distributor of 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 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.
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.
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