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
StatementsThis 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.
For a complete listing of risks and other factors, please
reference the risk factors and forward-looking statements described
in our annual reports on Form 10-K and quarterly reports on Form
10-Q. Forward-looking statements speak only as of the day that they
are made, and Corning undertakes no obligation to update them in
light of new information or future events
Corning Web Disclosure In accordance with
guidance provided by the SEC regarding the use of company websites
and social media channels to disclose material information, Corning
Incorporated (“Corning”) wishes to notify investors, media, and
other interested parties that it uses its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning’s media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company’s SEC filings, press releases,
conference calls, and webcasts.
About Corning IncorporatedCorning
(www.corning.com) is one of the world's leading innovators in
materials science, with a 169-year track record of life-changing
inventions. Corning applies its unparalleled expertise in glass
science, ceramic science, and optical physics along with its deep
manufacturing and engineering capabilities to develop
category-defining products that transform industries and enhance
people's lives. Corning succeeds through sustained investment in
RD&E, a unique combination of material and process innovation,
and deep, trust-based relationships with customers who are global
leaders in their industries. Corning's capabilities are versatile
and synergistic, which allows the company to evolve to meet
changing market needs, while also helping our customers capture new
opportunities in dynamic industries. Today, Corning's markets
include mobile consumer electronics, optical communications,
automotive technologies, life sciences technologies, and display
technologies.
About Pfizer: Breakthroughs That Change Patients’
LivesAt Pfizer, we apply science and our global resources
to bring therapies to people that extend and significantly improve
their lives. We strive to set the standard for quality, safety and
value in the discovery, development and manufacture of health care
products, including innovative medicines and vaccines. Every day,
Pfizer colleagues work across developed and emerging markets to
advance wellness, prevention, treatments and cures that challenge
the most feared diseases of our time. Consistent with our
responsibility as one of the world's premier innovative
biopharmaceutical companies, we collaborate with health care
providers, governments and local communities to support and expand
access to reliable, affordable health care around the world. For
more than 170 years, we have worked to make a difference for all
who rely on us. We routinely post information that may be important
to investors on our website at www.Pfizer.com. In addition, to
learn more, please visit us on www.Pfizer.com and follow us on
Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us
on Facebook at Facebook.com/Pfizer.
Pfizer Disclosure NoticeThe information
contained in this release is as of May 28, 2020. Pfizer assumes no
obligation to update forward-looking statements contained in this
release as the result of new information or future events or
developments.
This release contains forward-looking information about the
purchase and supply agreement between Corning Incorporated and
Pfizer for Corning Valor Glass, including its potential benefits,
that involve substantial risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. Risks and uncertainties include, among other
things, the uncertainties inherent in research and development;
uncertainties regarding the commercial success of and the ability
to realize the anticipated benefits of the collaborations and when
regulatory approvals may be received for any new packaging
solutions; uncertainties regarding the impact of COVID-19 on our
business, operations and financial results; other business effects,
including the effects of industry, market, economic, political or
regulatory conditions; and competitive developments.
A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results,” as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at www.sec.gov and www.pfizer.com.
Corning Media Relations
Contacts:
Gabrielle
Bailey
(607)
684-4557
BaileyGR@corning.com
Amy
Washco
828-228-730
Washcoa@corning.com
Corning Investor Relations Contact: Ann H.S.
Nicholson (607) 974-6716 Nicholsoas@corning.com
Pfizer Media Contact:Kim Bencker(610)
329-1340kim.bencker@pfizer.com
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