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American Capital Receives $182 Million In Proceeds From Sale of Axygen Bioscience
Date:9/16/2009

handling products and bench-top laboratory equipment.

"Over our three year investment in Axygen Bioscience, we have developed a great partnership with the management team and assisted in adding value to the company, enabling it to surpass its competition through growth and acquisitions," said Frank Do, Managing Director, Buyouts. "We are extremely proud of the company's improvements and success, which made it an attractive purchase for Corning Incorporated. The $35 million gain and 22% return on the Axygen Bioscience investment is an outstanding outcome for American Capital and its shareholders and a testament to our investment and exit strategies."

"The last few years have been exciting and rewarding for Axygen Bioscience and we are happy to have been a part of its success. The company successfully completed and integrated strategic acquisitions and partnerships, recorded robust financial performance and successfully launched new products," said Kimberly Reed, Principal, Buyouts. "We believe that moving forward, Corning's operational and financial support will enable Axygen Bioscience to secure a leading position in its industry."

American Capital invested in the One Stop Buyout(TM) of Axygen Inc. in September 2006. American Capital's investment took the form of a revolving credit facility, senior term loan, senior and junior subordinated debt and equity. In a series of transactions from November 2008 through March 2009, a new holding company, Axygen BioScience, was formed to include Axygen, Sorenson BioScience and Articles De Laboratoire De Precision (ALP). For more information about American Capital's original investment in Axygen, please go to http://www.americancapital.com/our_portfolio/companies/axygen.html.

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SOURCE American Capital Ltd.
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