Becton Dickinson and Co will invest about $1.2 billion to boost syringe production, the world’s largest needle maker said on Wednesday, as the United States inches closer to making a COVID-19 vaccine available to its people.
The company said the investment, to be spread over a period of four years, will fund invention of new products and technological enhancements to boost supply of pre-fillable syringes for pharmaceuticals companies.
“This investment positions BD to have the needed surge capacity for increased pre-fillable syringe demand during times of pandemic response,” said Eric Borin, worldwide president of Becton’s Pharmaceutical Systems business.
Pfizer Inc and partner BioNTech SE as well as rival Moderna Inc have recently applied for U.S. and European emergency use approval of their COVID-19 vaccine candidates after reporting more than 90% efficacy in late-stage trials.
Becton said six of its global manufacturing facilities will get a part of the investment and that it will also add a new facility in Europe, which would become functional by the end of 2023.