Vaccine maker Serum Institute of India (SII) has acquired a 50% stake in pharma packaging company Schott Kaisha for an undisclosed amount. SII has acquired the stake from former co-owners Kairus Dadachanji and Shapoor Mistry. It will now be Schott’s joint venture partner.
Schott AG is a Germany specialty glass company manufacturing vials, syringes, ampoules and cartridges. SII has been a longtime customer of Schott’s products that are usually used to store vaccines, including Covishield.
SII CEO 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.” With this acquisition, SII said it would secure its supply of pharma packaging amid rising global demand.
In a joint statement issued by SII and Schott, the partners said they were committed to invest further in the JV. Eric L’Heureux, managing director, Schott, said they had invested `600 crore over the last three years to set up two new plants in Umarsadi, Gujarat, and Baddi, Himachal Pradesh. Schott has already delivered vials for more than two billion vacccine doses in 2021.
Schott CEO Frank Heinricht said as India steadily established its position as a global pharmaceutical hub, the company was strengthening its footprint in the Indian pharma supply chain. Schott AG, owned by the Carl Zeiss Foundation, had reported sales of €2.24 billion in 2020.