Vaccine major Serum Institute of India has acquired 50 per cent stake in pharma packaging firm Schott Kaisha to become a joint venture partner of Germany's specialty glass company Schott AG.
Serum Institute has acquired stake from former co-owners Kairus Dadachanji and Shapoor Mistry, Schott and Serum Institute of India said in a joint statement.
The joint venture is for pharmaceutical packaging, they added.
Serum Institute of India (SII) has bought 50 per cent stake in Schott Kaisha to become Schott's joint venture partner and secure pharma packaging supply, the statement said.
The partners, however, did not share the financial details of the stake acquisition by the vaccine maker.
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, as per the statement.
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," Serum Institute of India CEO Adar Poonawalla said.
As a long-time customer, Serum Institute uses their vials, ampoules and syringes to store our vaccines including Covishield. Working even closer together is in the best interest of global health, he added.
On the development, Schott CEO Frank Heinricht said, "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, he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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