Privately-owned materials science firm SiO2 Materials Science has entered into an agreement with Seoul-headquartered Doosan Corp. related to the distribution of its vials, syringes and blood collection tubes in Asia and Oceania.
The alliance will initially cater to the needs of pharmaceutical and diagnostics companies, with the scope of the partnership increasing over time.
As part of the partnership, Doosan will invest $100 million into Si02 and spend additional cash on building out infrastructure related to the collaboration.
“The Asia and Oceania region represents a significant market opportunity for vials and syringes specifically designed for biologic drugs and vaccines,” said Lawrence Ganti, President of SiO2 Materials Sciences, in a statement.
SiO2 Materials Science reports that its products have been used in the packaging of hundreds of millions of COVID-19 vaccine doses internationally. In addition, it has more than 100 active projects with pharmaceutical and diagnostics organizations.