Sharps Technology, a respected company within the medical device and pharmaceutical packaging sector, has recently taken a significant step towards expanding its manufacturing capabilities by entering into a 5-year, $200 million syringe Sales Agreement with Nephron Pharmaceuticals. This substantial agreement is complemented by an Amendment to the Asset Purchase Agreement (APA), which will enable Sharps to commence production of prefillable specialty copolymer syringes in the United States.
The Company’s strategic acquisition of assets, totaling $35 million, solidifies its position in the specialized copolymer prefillable syringe (PFS) system industry in the U.S. This acquisition will establish a cutting-edge manufacturing plant in West Columbia, South Carolina, making it the sole fully dedicated, specialized COC (cyclic olefin copolymer) prefillable syringe manufacturing facility in North America.
As a result of the syringe Sales Agreement and the completion of the APA, Sharps has secured product orders totaling over $200 million for the initial five years of operation. Additionally, the Company is actively engaged in negotiations for additional pharma-segment PFS purchase commitments, with anticipated shipments commencing by the second quarter of 2025.
In light of these groundbreaking developments, Robert Hayes, the CEO of Sharps Technology, expressed his optimism about the Company’s future revenue growth and performance. He emphasized the potential of the copolymer prefillable syringe market segment, which is currently exhibiting the most significant growth rate in the syringe marketplace. Furthermore, with the associated $200 million Sales Agreement in place for copolymer prefillable syringes, Sharps is positioned to revolutionize its revenue growth, creating a new level of revenue and performance.
The 5-year Sales Agreement includes a commitment from Nephron to purchase Sharps’ next-generation copolymer prefillable 10 mL and 50 mL syringes, along with 10 mL SoloGard polypropylene syringes, with minimum orders exceeding $200 million during the specified period. This promising development will lead to product deliveries commencing late in the second quarter of 2025, with projected revenue of more than $35 million for the first twelve months of sales.
The acquisition of InjectEZ, amounting to $35 million, represents a significant milestone for Sharps Technology. This strategic move will enable the Company to commercialize innovative copolymer prefillable syringe systems in the U.S. healthcare market, commencing in the second quarter of 2025. The acquisition includes a new state-of-the-art facility with fully automated syringe system manufacturing, packaging, and distribution in West Columbia, South Carolina. The closing of the acquisition has been approved by BlackRock, the seller’s senior lender, and is expected to be finalized within the next 60 days.
It is important to note that Sharps Technology has established its status as an innovative medical device and pharmaceutical packaging company, offering patented, best-in-class smart-safety syringe products to the healthcare industry. The Company’s products are designed to incorporate both passive and active safety features and utilize specialized copolymer technology to support the prefillable syringe market segment. Sharps Technology has already established a manufacturing facility in Hungary and is now set to expand its manufacturing capacity in the U.S. through a strategic partnership with Nephron Pharmaceuticals.
In conclusion, the recent developments at Sharps Technology underscore the Company’s commitment to driving innovation and excellence within the medical device and pharmaceutical packaging industry. The $200 million syringe Sales Agreement and the Asset Purchase Agreement represent significant milestones that will pave the way for unparalleled growth and success.
For more information about Sharps Technology, please visit www.sharpstechnology.com.
Furthermore, to learn more about Nephron Pharmaceuticals, visit www.nephronpharm.com.
This press release contains “forward-looking statements”. For more information on this, please refer to the contact details provided below.
Investor Relations:
Dave Gentry
RedChip Companies, Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
[email protected]