December 1, 2011
GREENWICH, CT – Great Point Partners today announced that Great Point Partners I portfolio company, Mediatech, Inc., was acquired by Corning Incorporated (NYSE:GLW) 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.”
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications, and life sciences. Corning’s products include glass substrates for LCD televisions, computer monitors, and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.
About Mediatech, Inc.
Mediatech, Inc., (www.cellgro.com) is a leading Life Science company providing products, services and solutions to support its customer’s research, development and production. Mediatech’s academic, biotechnology, and pharmaceutical customers use their products in scientific and genomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical and other high technology manufacturing. In addition to a broad product line of bottled products, Mediatech also develops, manufactures and supplies custom cell and tissue culture products to meet specific customer needs. Mediatech is a cGMP facility, certified to FDA Regulations 21 CFR Part 820, as well as ISO 13485:2003.
About Great Point Partners
GPP, based in Greenwich, CT, is a leading health care investment firm with approximately $450 million of equity capital under management. The firm manages capital in public (the Biomedical Value Fund) and private equity funds (GPP I – a $156 million private equity fund). Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 health care companies. The private equity fund invests in profitable companies across all sectors of the health care industry including behavioral health, biologics manufacturing, health care services, hospital outsourcing, information technology, life sciences, media and reagents, medical devices, rehabilitation, specialty pharmaceuticals, and workers compensation. The firm pursues a proactive and proprietary approach to sourcing investments. Reach Great Point at 203-971-3300. www.gppfunds.com
This document is intended solely to provide information regarding Great Point Partners’ potential financing capabilities for prospective portfolio companies.