FILE PHOTO: A screen displays the logo for Corning Inc. at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid
(Reuters) – Glass maker Corning Inc (GLW.N) said on Tuesday it would receive $204 million from the U.S. government to boost manufacturing capacity of its vials that will be used to package coronavirus vaccines and treatments.
Companies developing coronavirus vaccines, such as AstraZeneca (AZN.L) and Johnson & Johnson (JNJ.N), have flagged potential supply shortages of glass vials, which could pose a challenge to scaling up the production of a vaccine.
Amid surging global demand, billions of vials will be needed for vaccines of the new coronavirus, with world leaders looking towards treatments as a way to re-open stalled economies.
Corning said it would provide priority access of its vials to companies that have tied up with Biomedical Advanced Research and Development Authority for developing treatments and vaccines.
This investment would help Corning scale up its manufacturing at three U.S. facilities. (reut.rs/3fd4yyd)
Reporting by Manas Mishra and Saumya Sibi Joseph in Bengaluru; Editing by Krishna Chandra Eluri