INDIA – Serum Institute of India, the largest vaccine producer and manufacturer of biologics, has bought the 50% stake in the Indian packaging joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry.
Serum Institute was already a customer of Schott Kaisha, using their vials, ampoules and syringes to store vaccines including the COVID-19 vaccine Covishield. The companies did not provide any further details on the deal.
Going by the listed price of the vaccine and the approval timelines, Serum Institute could rake in at least US$1 billion by end of 2021 and overall revenue of US$4 billion through the Covid vaccine deals.
The joint venture between Germany’s specialty glass company SCHOTT AG and Indian group Kaisha, manufactures 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, said a company statement.
Over the last three years, SCHOTT has invested roughly Rs 600 crore to set up two new plants in Umarsadi, Gujarat and Baddi, Himachal Pradesh.
On the packaging end, SCHOTT has delivered vials for more than 2 billion vaccine doses through 2021. The company is providing glass vials globally to key vaccine manufacturers.
The joint venture will definitely continue to supply its customers in India and abroad as a reliable partner, says Eric L’Heureux, the new Managing Director and former longstanding Head of Operations.
Both SCHOTT and Serum are committed to invest further and will announce concrete plans as this partnership evolves.
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