Wednesday, asset manager American Capital Ltd. (ACAS) said it completed the sale of its portfolio company Axygen BioScience Inc. on September 15, including its subsidiaries Axygen Inc. and Sorenson BioScience Inc., to Corning Incorporated for approximately $400 million.
The total inception to date gain and income, including dividend and fee income from the equity invested by American Capital's affiliated funds under management was $102 million, representing a 25% compounded annual rate of return. American Capital received $182 million in proceeds and realized a gain of $35 million from the transaction. American Capital's gains on this investment were $36 million and its compounded annual rate of return, including interest and fees earned over the life of its investment was 22%. Including investments in Axygen BioScience by American Capital's affiliated funds, the inception to date realized gains were $61 million and the compounded annual rate of return was 22%.
Axygen BioScience is a producer and distributor of high quality life sciences plastic consumables, liquid handling products and bench-top laboratory equipment.
Darin Winn, Senior Vice President and Senior Managing Director said, "Since the beginning of the fourth quarter of 2008, we've received approximately $875 million of proceeds from realizations of portfolio investment repayments and exits, including over 20 exits of portfolio companies. We are particularly pleased that all of our exits of control companies have been at enterprise multiples equal to or higher than our entry multiples."
ACAS closed Wednesday's regular trading at $3.41 up $.84 or 32.68% on a volume of 34.857 million shgares on the Nasdaq.
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