Corning acquires Mediatech

Dec 2 2011

Great Point Partners today announced that Great Point Partners I portfolio company, Mediatech, Inc., was acquired by Corning Incorporated in an all-cash transaction. Mediatech is now a wholly-owned subsidiary of Corning and will be integrated into Corning's Life Science segment.

Mediatech develops, manufactures and sells a broad range of high quality cell culture media and molecular biology reagents related to tissue and cell culture applications, including culture media, basal salt solutions, antibiotics, sera, specialty media and flexible packaging systems, under the cellgro® brand.

David Kroin, Managing Director of Great Point Partners, said, "From our original thematic review of the biologics manufacturing supply chain, we identified cell culture media as an attractive sector for investment and sought out Mediatech as a leading player in this segment. Corning's acquisition of Mediatech has confirmed the validity of our thesis and we are thrilled with the combination. Mediatech's loyal customer base, and the strength of the cellgro® brand name in the U.S., underpin its strategic value."

"By providing customers worldwide with greater access to Mediatech's cellgro® product portfolio, this acquisition supports Corning's ongoing commitment to supply its customers with a comprehensive line of laboratory research tools," said Richard Eglen, General Manager Corning Life Sciences.

Mediatech's wide array of culture media and molecular biology reagents are complementary to the general labware, cell culture, lab equipment, and HTS/Assay products offered today by Corning. In addition, the acquisition enables Corning to continue to improve its strategic balance by strengthening its Life Sciences segment.

James DeOlden, co-founder of Mediatech, will serve in an advisory capacity during the leadership transition. Regarding this transaction, DeOlden said, "I am very happy to be working with the Corning organization to expand the market access for Mediatech's high quality products and solutions."

SOURCE Great Point Partners