Corning Takeover of San Diego Software Developer Completed
Corning Inc. has completed its previously announced acquisition of Biosym Technologies of San Diego in a stock swap valued at $99 million.
Corning announced in July that it was acquiring Biosym Technologies but did not then disclose terms. Corning said Tuesday that it paid $73.5 million in stock now and will pay an additional $25.7 million in coming months.
Founded in 1984, Biosym Technologies is a publisher of computer-aided molecular design (CAMD) software used to streamline research and manufacturing of drugs and polymers. The company has grown to an estimated $30 million in sales this year from $1.5 million in sales in 1987.
Biosym Technologies was largely an employee-owned company, so the closing of the deal was a big payday for many of the 220 employees of the Sorrento Mesa firm. About a third of the company’s employees are computer scientists with Ph.D’s.
A Corning, N.Y.-based manufacturer of synthetic fibers, consumer products and specialty materials, Corning has annual sales of $3.3 billion.
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