Serum Institute acquires 50 percent stake of Schott Kaisha
Pune: With the aim of securing the supply of high-quality pharma packaging and becoming SCHOTT's joint venture partner, Serum Institute of India (SII) has announced that it has acquired a 50 percent stake in the Indian joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry.
Germany's specialty glass company SCHOTT AG has a new partner, Serum Institute of India, the world's largest vaccine producer and manufacturer of highly-effective biologics. As per a recent press release, both SCHOTT and Serum are committed to investing further and will announce concrete plans as this partnership evolves.
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.
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Regarding the stake acquisition, CEO of Serum Institute of India, Adar Poonawalla, said, "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. "
Furthermore, SCHOTT is looking forward to cooperation with the new partner. Dr. Frank Heinricht, CEO of SCHOTT, 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. "
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.
"We have significantly increased our production capacity in India. Over the last three years, we have invested roughly INR 600 crores to set up two new plants in Umarsadi, Gujarat, and Baddi, Himachal Pradesh, and to secure uninterrupted supply in our existing facilities during the pandemic. "
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