Sharps Completes Purchase of Smart Syringe Manufacturing Facility
Melville, N.Y.-based Sharps Technology has completed its acquisition of Safegard Medical’s Hungarian syringe manufacturing facility for $2.5 million.
Sharps plans to add further manufacturing capacity and to use the plant to help supply the growing demand for its smart safety syringes, a global market forecast to reach $14 billion by 2026.
Production of the smart syringes — designed to eliminate accidental needlestick injuries, prevent needle reuse and reduce wasted vaccines and medicine — is expected to begin by the end of the current quarter.
“The acquisition of our first manufacturing facility is an important milestone in our transformation from an R&D-focused enterprise to revenue-generating commercial operations,” said Sharps CEO Robert Hayes.
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