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Corning has expanded its life sciences business by acquiring Axygen BioScience from the private equity firm American Capital for about $400 million in cash. With headquarters in Union City, Calif., Axygen produces plastic labware, liquid-handling products, and benchtop lab equipment. “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,” Corning President Peter F. Volanakis says. Corning already supplies labware, cell culture, and high-throughput- screening products.
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