The world's premier vaccine maker Serum Institute of India (SSI) said that it has bought 50 percent stake in the Indian joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry at an undisclosed amount to expand its presence in the pharmaceutical packaging segment.
"Securing this supply chain is of strategic importance," said Adar Poonawalla, chief executive officer of Serum Institute. "As a longtime customer, we use (Schott's) vials, ampoules and syringes to store our vaccines including (COVID-19 vaccine) Covishield."
SCHOTT Kaisha is a JV between Indian partners and Germany's specialty glass company SCHOTT AG. It is a leading Indian manufacturer of pharma packaging products such as vials, syringes, ampoules and cartridges used to package life-saving medications. The acquisition will also help Serum to secure its supply of high-quality pharma packaging amid rising global demand. Adar Poonawalla, CEO, Serum Institute of India, 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 closer together is in the best interest of global health."
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