17 September 2009 - American Capital has completed the sale of Axygen Bioscience, including subsidiaries Axygen and Sorenson Bioscience, to Corning Incorporated for approximately USD400m (GBP242m).
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 USD102m, representing a 25 per cent compounded annual rate of return.
American Capital received USD182m in proceeds and realised a gain of USD35m from the transaction, subject to post-closing adjustments.
American Capital's total inception to date realised gains on this investment were USD36m and its compounded annual rate of return, including interest and fees earned over the life of its investment was 22 per cent.
Including investments in Axygen Bioscience by American Capital's affiliated funds under management, the inception to date realised gains were USD61m and the compounded annual rate of return was 22 per cent.
The proceeds received by American Capital were less than the second quarter 2009 valuation of the investment by USD1m, or less than one per cent.
