Corning and Pfizer Announce Supply Agreement for Corning Valor Glass Packaging

CORNING, NY, May 28, 2020 (GLOBE NEWSWIRE) -- ^Corning Incorporated (NYSE: GLW) and Pfizer Inc. (NYSE: PFE) today announced the execution of a long-term purchase and supply agreement for Corning Valor Glass.

The multiyear agreement provides for the supply of Valor Glass vials to a portion of currently marketed Pfizer drug products, pending regulatory approval.

Since first launching its collaboration with Corning, Pfizer has continued to evaluate Valor Glass’ performance across several aseptic sites, utilizing multiple vial sizes, with a broad range of drug products from Pfizer’s sterile injectables portfolio. During this time, Valor Glass was accepted into and provisionally evaluated under the Food and Drug Administration’s (FDA) Emerging Technology Program. 

“Pfizer Global Supply colleagues directly deliver on our purpose – breakthroughs that change patients’ lives – and those breakthroughs can come in many forms,” said Mike McDermott, president, Pfizer Global Supply. “Our collaboration with Corning is one example of how we continually evaluate new technologies and innovations that have the potential to advance our manufacturing reliability and efficiency.”

“Our strong customer relationships and shared passion for life-changing innovations make products like Valor Glass possible. Together, with Pfizer, we are revolutionizing an industry in which quality matters most – pharmaceutical packaging,” said Wendell P. Weeks, Corning chairman and chief executive officer.

Corning’s Valor Glass packaging solution has been designed to enable superior chemical durability and resist breakage, damage, and particulate contamination. In addition, Valor Glass has a low-friction exterior coating that enhances manufacturing productivity by enabling increased throughput and quality assurance for pharmaceutical manufacturers.

Pfizer and Corning are encouraged by the FDA’s role to facilitate adoption of emerging technologies, like Valor Glass, with the potential to improve biopharmaceutical product quality on a broad scale.

Corning Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.