Serum Institute of India acquires 50% stake of SCHOTT Kaisha to become SCHOTT’s joint venture partner
Biznextindia : Pune based vaccine manufacturer Serum Institute of India (SII) has acquired 50 percent stake of SCHOTT Kaisha to become SCHOTT’s joint venture partner and secure pharma packaging supply. SII has brought the stake from former co-owners of the Joint Venture Kairus Dadachanji and Shapoor Mistry.
SCHOTT AG is a Germany based specialized Glass Company. The company is currently providing glass vials globally to key vaccine manufacturers and has already exceeded its target to deliver vials for more than 2 billion vaccine doses through 2021.
The joint venture is the leading Indian manufacturer of pharma packaging products such as vials, syringes, ampoules and cartridges used to package life-saving medications. With this acquisition, Serum is securing its supply of high-quality pharma packaging amid rising global demand.
Adar Poonawalla, CEO Serum Institute of India says, “Even the best medication can’t reach the patient without the right packaging. Securing this supply chain is of strategic importance. SCHOTT is the perfect partner for us to do this because of their expertise and global network. As a longtime customer, we use their vials, ampoules and syringes to store our vaccines including COVISHIELD™. Working even closer together is in the best interest of global health.”
SCHOTT is looking forward to the cooperation with the new partner. Dr. Frank Heinricht, CEO SCHOTT says, “As India has steadily established its position as a global pharmaceutical hub, we are delighted to strengthen our footprint within the Indian pharma supply chain. We are looking forward to strong impulses from this partnership. It is an excellent example of shifting towards new cooperation models, with greater synergies between pharma manufacturing and packaging production.”