NEW RELEASE - 8 June 2023
The collaboration will enable faster, more efficient delivery of vital medicines and help support India’s growing pharmaceutical industry
CORNING, N.Y. – Corning Incorporated (NYSE:GLW) and SGD Pharma today announced a joint venture that includes the opening of a new glass tubing facility to expand pharmaceutical manufacturing in India and allows SGD Pharma to adopt Corning’s Velocity® Vial technology platform.
Combining SGD Pharma’s vial-converting expertise with Corning’s proprietary glass-coating technology, the collaboration will enhance vial quality, improve filling-line productivity, and speed the global delivery of injectable treatments. SGD Pharma and Corning have broken ground on a new pharmaceutical glass tubing facility in Telangana, India. Together, the two companies will help drugmakers respond to increasingly complex capacity and quality issues while meeting global demand for critical medicines.
“The partnership with Corning represents yet another step in our strategy to advance converting technology in the pharmaceutical industry and secure our supply chain. The introduction of Velocity Vials will contribute to the ongoing evolution of our offerings and services and will expand our portfolio of high-quality tubular glass packaging,” said Olivier Rousseau, CEO SGD Pharma. “We see an opportunity for the industry to improve drug filling quality and performance capabilities by transitioning to Corning’s coated vial technology.”
SGD Pharma joins a growing network of leading primary-packaging manufacturers adopting Corning’s cutting-edge coating technology. The joint venture expands Velocity Vials’ manufacturing footprint, localizes its supply chains in India, and enables easier adoption of the technology by customers.
“Corning is advancing pharmaceutical glass technology to help our customers address their most pressing challenges – globally and locally,” said Ron Verkleeren, senior vice president and general manager of Corning’s Life Sciences Market Access Platform. “The joint venture with SGD Pharma supports our continued global expansion as we localize manufacturing for our customers. The collaboration also strengthens our leadership position in the industry and underscores our commitment to India’s high-growth market.”
Learn more about Corning’s Velocity Vial technology platform here.
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The statements contained in this release and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company’s future operating performance, the Company’s share of new and existing markets, the Company's revenue and earnings growth rates, the Company’s ability to innovate and commercialize new products, the Company's expected capital expenditure and the Company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company’s manufacturing capacity.
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For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.
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