By RAY SANDERSBERG, Associated Press • AUSTIN, Texas (AP) A Texas company has raised $35 million from investors, a record-breaking sum for a single investment, as the country grapples with an opioid crisis.
Pepsicino is a drug that treats opioid addiction by injecting it into the bloodstream, rather than by the body.
The money is part of a $75 million infusion from the Dallas-based private equity firm Greylock Partners and a $150 million round from Chinese billionaire Li Ka-shing, who is also an investor.
PepsiCo said the new money will be used to expand its global distribution network, improve delivery, and expand distribution in the United States.
It said the company will invest about $4 billion in the U.S. over the next two years.
Pets, for example, will be available at Pepsi and other retailers.
The company said it is also planning to introduce new products, including its first-ever line of pepsi-free beverages.
Popsicles and other snacks, meanwhile, will now be available for purchase at supermarkets and other outlets.
Pipsicino, which sells its product in 30 countries, is also in talks to sell its products to pharmacies and other health care facilities.
Pesicino will be able to offer its products through Pepsicorex, a company that helps pharmacies deliver and stock its products, the company said.PPS, or Pfizer Prescription Pharmacy Solutions, was acquired by the company in a $1.2 billion deal last year.