Shearman & Sterling represented Corning Incorporated in its acquisition of all the shares of Axygen BioScience, Inc. and its subsidiaries from American Capital Ltd. (Nasdaq:ACAS) for approximately $400 million in cash.

Corning Incorporated is the world leader in specialty glass and ceramics. Drawing on more than 150 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.

Axygen, headqartered in Union City, Calif., is a leading manufacturer and distributor of high-quality life sciences plastic consumable labware, liquid handling products, and bench-top laboratory equipment with operations in the United States, France, Poland, and China. American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products.

The Shearman & Sterling team was led by New York M&A partner Clare O'Brien and includes partners John Cannon (New York-Executive Compensation & Employee Benefits) and Laurence Bambino (New York-Tax) and associates David Connolly (New York-Mergers & Acquisitions), Michael Pellegrino (New York-Mergers & Acquisitions), Cody Wright (New York-Mergers & Acquisitions), Justin Mak (New York-Mergers & Acquisitions), Ethan Harris (Washington-Tax) and Kenneth Hemler (New York-Executive Compensation & Employee Benefits).