Vaccine maker Serum Institute of India has acquired a 50% stake in drug vial maker Schott Kaisha, the companies said in a statement on Tuesday.
Serum Institute of India, the world’s largest drugmaker by volume, has seen demand for vaccines soar. The deal will secure pharmaceutical packaging for the firm.
“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,” said Adar Poonawalla, CEO of Serum Institute of India.
Poonawalla added: “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.” Serum Institute of India and Schott Kaisha did not provide financial details of the deal.
Schott Kaisha said it has increased its production capacity significantly over the last three years. The company has invested over Rs 600 crore to set up new plans in Umarsadi, Gujarat, and Baddi, Himachal Pradesh.
Schott Kaisha is a joint venture between Germany’s pharmaceutical packaging maker Schott and India’s Kaisha established in 1990. Both companies have been in partnership since 2008.
