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.