Corning Puts Down $400M for Axygen to Expand Consumables Portfolio and Presence in Asia
Life science segment is expected to pull in $500 million in revenues by 2011.
Corning has acquired Axygen BioScience and its subsidiaries from American Capital for approximately $400 million in cash. The company’s portfolio of plastic consumables and lab equipment complements the general labware, cell culture, and high-throughput screening (HTS)/assay products offered by Corning.
Additionally, the acquisition enhances Corning’s presence in Asia through Axygen’s two manufacturing locations and increases access to customers in the Asia region. Axygen has operations in the U.S., France, Poland, and China.
“We believe this highly strategic acquisition offers synergies that will allow us to grow our life science business to more than $500 million in revenue by 2011,” says Peter F. Volanakis, Corning’s president and COO.
Axygen will be integrated into Corning’s life science segment. The firm manufactures and distributes consumable labware, liquid-handling products, and bench-top laboratory equipment. Its portfolio of plastic consumables includes pipettes, pipette tips, and HTS products. Axygen’s lab equipment portfolio includes centrifuges, pipette controllers, and incubators.