Transaction expected to close in the first quarter of 2022 see more
Novo Holdings A/S (“Novo Holdings”) has announced that it has agreed to acquire Ritedose from AGIC Capital and Humanwell.
Founded in 1995 and headquartered in Columbia, S.C., The Ritedose Corporation (“Ritedose”) is a leading sterile pharmaceutical manufacturer, specialising in the use of blow-fill-seal (BFS) technology. Ritedose provides outsourced development and manufacturing of ophthalmology drugs, respiratory drugs, and vaccines. In addition, Ritedose develops and markets its own portfolio of generic drugs and is an emerging player in the outsourced sterile compounding market focusing on medically necessary drugs that are in short supply. Ritedose customers range from small start-ups and large pharmaceutical companies to wholesalers, retail pharmacies and hospital systems. Today, the company employs more than 400 people and is led by Chief Executive Officer Jody Chastain, who will continue to run the company under Novo Holdings’ ownership.
Jonathan Levy, Senior Partner, Principal Investments at Novo Holdings, said: “Ritedose is a mission-driven company helping bring life-saving drugs to market with the highest focus on quality and sterility. We look forward to partnering with Jody and the Ritedose team as they continue to deliver best-in-class quality solutions to the biopharmaceutical industry.”
Abhijeet Lele, Senior Partner and Head of Principal Investments US at Novo Holdings, added: “The investment in Ritedose is perfectly aligned with our deep expertise in pharma services. We see myriad opportunities to have an impact at Ritedose. We are also particularly excited to be at the vanguard of increasing vaccine availability through the use of blow-fill-seal injectable technology.”
Jody Chastain, Chief Executive Officer of Ritedose, said: “We are excited and proud to be partnering with Novo Holdings. We believe that Novo Holdings’ experience and track record in healthcare and their commitment to supporting scientific, humanitarian, and social causes aligns well with our mission and will help us to deliver on our growth aspirations. Our focus has always been on honouring patients and the people who care for them, and we look forward to continuing to do so with Novo Holdings’ support.”
Heiko von Dewitz, Partner and Managing Director of AGIC in Europe, said: “We are pleased to have accompanied and supported Ritedose through an extraordinary journey, and worked closely with management to keep expanding Ritedose’s core business and develop new businesses that will fuel additional growth in the future. We believe Novo Holdings is a very good partner for Ritedose and that they will achieve great success together.”
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2022. Goodwin Procter, LLP served as legal advisor to Novo Holdings. RBC Capital Markets, LLC served as financial advisor to Novo Holdings.
Founded in 1995 in Columbia, South Carolina, The Ritedose Corporation is an industry leader in the aseptic manufacturing and liquid packaging of respiratory and ophthalmic products, utilizing proven blow-fill-seal (“BFS”) technology to ensure efficient, consistent and safe dosage delivery. The company’s 25-year track record includes the delivery of more than 8 billion doses since 2012 without a single recall, and its current capacity is over 2.0 billion units annually. In 2020, The Ritedose Corporation was selected as a subcontractor to ApiJect for the production of single-dose prefilled syringes intended for administering COVID-19 vaccines.
About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets.
Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk.
About the Novo Nordisk Foundation
The Novo Nordisk Foundation is an independent Danish foundation with corporate interests. It has two objectives: 1) to provide a stable basis for the commercial and research activities of the companies in the Novo Group; and 2) to support scientific, humanitarian and social causes.
The vision of the Foundation is to contribute significantly to research and development that improves the lives of people and the sustainability of society. Since 2010, the Foundation has donated more than DKK 30 billion (US$4.5 billion), primarily for research at public institutions and hospitals in Denmark and the other Nordic countries. Read more at www.novonordiskfonden.dk/en
Product developed, to be marketed by Columbia, SC company see more
The Ritedose Corporation has announced the development of and plans to commercialize the first new way to dispense single-dose liquid medications in two decades.
After five years of R&D, the Columbia-based developer of blow-fill-seal unit dose technology is launching SuredoseRx™, an easier and more convenient way for healthcare workers to administer, and patients to take, single doses of liquid medications.
The single-unit doses will be individually wrapped and bar-coded for ease of use by hospitals and other clinical settings.
SuredoseRx will debut with three of the most-used liquid drugs in the first quarter of 2022, followed by rollouts of many others.
Historically, single-dose liquid medications have been supplied in small foil-lidded plastic cups where the seal must be manually pulled off.
In contrast, the Ritedose package is a small low-density polyethylene ampoule with a twist-off top that is designed not to spill. Medication comes out in force only when the ampoule is squeezed. In the event the ampoule is dropped, the design allows for less spillage.
“This resolves problems of accidental spillage that many healthcare providers and patients have experienced with the old-style cups,” said Jody Chastain, CEO of The Ritedose Corporation. “We heard story after story of nurses and patients accidentally dropping the cups after opening them with some of the medication spilling. At that point, you have no way of knowing how much is remaining. SuredoseRx is purposely designed to help prevent these problems, and we think it is a game-changer to make life easier for patients and those who care for them.”
The five years of research and development of SurdoseRx started in a hospital room where Chastain’s wife was being treated for cancer.
He watched as a nurse unsuccessfully struggled to pull the lid off a medication cup. She then cut the top open with scissors as a last resort.
“That one act immediately compromised the drug my wife was supposed to take,” Chastain said. “I asked the nurse to get another cup.”
Based upon that experience, Chastain initiated a research and development project that resulted in a revolutionary new design of a single-dose liquid medication dispensing device for a $93 million market nationwide.
“We take our job personally and we realize we don’t make drugs for faceless patients," Chastain said. “This is a case where the experience of a family member resulted in a new product that will make the medication experience better and for everyone.”
RiteDose growing capacity see more
The RiteDose Corp. is implementing engineering innovations to its Columbia production lines that the company says will increase production capacity by as much as 25%.
RiteDose, born from the inventors of Blow-Fill-Seal technology, is a leading BFS Contract Development and Manufacturing Organization. The innovations will allow the company to meet increasing demand for its products, which include sterile drugs for inhalation and ophthalmology, and to bring new product lines for pharmaceutical companies to market faster, according to a news release.
“Our engineers have made significant changes in our production methodology and processes that will allow us to increase production capacity by up to 200 million units per year — substantially beyond standard industry outputs,” RiteDose CEO Jody Chastain said in the release. “This latest innovation pushes our BFS capacity to more than 2 billion units annually.”
The innovations are part of a $20 million capital avoidance strategy that RiteDose said will create more flexibility in its production capacity and capability.
RiteDose has been a leading CDMO in the BFS arena since the late 1990s when the company, then known as Holopack International, received FDA approval to manufacture and distribute drug products. During the COVID-19 pandemic, the company expanded to include a new 503B Outsourcing Facility to supply sterile injectable products to health care facilities nationwide.
“RiteDose has been an invaluable partner in developing robust manufacturing processes and successfully scaling up manufacturing to support our pipeline of innovative drugs,” Vijay Sabesan of pharmaceutical developer Theravance Biopharma said. “In addition to the extensive expertise in BFS manufacturing, we greatly value their flexibility and collaborative approach.”
BFS is an aseptic fill-finish technology that uses a low-density polyethene processed in a five-step operation. Medical-grade, molten plastic resin is extruded through a nozzle and blown with sterile air to form a tube called a parison, which is then blow-molded into a container shape. The containers are filled with a formulation and sealed, then processed for leak detection, packaging and distribution.
SC company to play role in vaccine distribution see more
A South Carolina pharmaceutical company will play a huge role in getting a COVID-19 vaccine to the American people.
Columbia-based Ritedose Corporation announced Thursday it’s been named a partner in Operation Warp Speed and will be responsible for filling and packaging millions of vaccines.
ApiJect, a medical technology company that received $138 million from the federal government to produce the first 100 million COVID-19 vaccines, patented the vial in which the vaccine will be distributed. They needed Ritedose to produce and manufacture those vials with their blow-fill-seal technology.
Ritedose CEO Jody Chastain says more COVID-19 vaccines will be packaged and filled in Columbia than any other place in the country.
“It’s tremendously rewarding,” Chastain explained.
He and his employees did the near impossible, getting two 150,000 square-foot warehouses ready to package and fill the vaccines in only a few months.
“Typically, that would take anywhere from 18-24 months, but within five months, we were able to outfit the facility to be able to handle the vaccine,” said Chastain.
Ritedose has upped its staff by more than 10% to help handle the demand.
“The potential for the workforce here in Columbia is huge, as well as putting Columbia on the map in the response to COVID,” Chastain noted.
The company’s nearly 400 employees also learned Thursday the role they will play in distributing the vaccine.
“It’s been hush-hush around the facility,” said Chastain. “People know that we’ve been doing work around the facility to be able to handle a new product, but they were unaware of what the new product is. Making this announcement to the employees today was very exciting because they’ve been able to see a tremendous amount of pride that’s been able to go into the workforce to be able to handle the vaccine.”
As soon as a vaccine candidate receives FDA approval, Ritedose will work with the company to make sure the vaccine is compatible with their plastic packaging.
“We’re much more efficient,” said Chastain. “We can produce a higher volume in a shorter time period.”
Once the vaccine is rolled out, front line workers, like Prisma Health Baptist Parkridge doctor Jennifer Risinger, will be the first in line.
“I’m very encouraged that we’re looking at months instead of years,” said Risinger.
She says she and her colleagues are eager to get the vaccine.
“It does give us a sense of relief and confidence that we’ll be able to deliver the care that people here in the Midlands deserve,” she noted. “I think we should all be very proud that we have a local company who is this involved in bringing this to the national spotlight as soon as possible.”
Ritedose says it’s likely the first vaccines distributed in South Carolina will have been packaged and filled in Columbia.
Operation Warp Speed has a goal to produce and deliver 300 million safe and effective doses of the COVID-19 vaccines, with the first doses expected to be ready by January 2021.
Nephron, Ritedose to the rescue with respiratory drugs see more
Two South Carolina companies that make drugs used to treat respiratory illnesses and symptoms, like those experienced by people infected with the coronavirus, have upped their production amid increased demand.
Nephron Pharmaceuticals in West Columbia and Ritedose Corp. make generic versions of almost all the respiratory drugs used in the United States, including albuterol sulfate and ipratropium bromide, according to the CEOs of the two companies.
Business at Nephron spiked last week, CEO Lou Kennedy said, with orders up 48 percent. The CEO of Ritedose, Jody Chastain, said his company has received a slight increase in demand. Click to read full story, courtesy of The Post and Courier...
Ritedose Corp. has opened a new facility on MTC’s Enterprise Campus in Columbia, SC see more
The Ritedose Corp. has opened a 150,000-square-foot facility on the campus of Midlands Technical College. The facility is the anchor tenant on MTC’s Enterprise Campus, a 130-acre industrial park for and educational partnership with new or existing industries looking for development space and workforce training.
The new operations mark the first expansion for Ritedose, a blow-fill-seal manufacturer headquartered in Columbia.
S.C. Commerce Secretary Bobby Hitt and Columbia Mayor Steve Benjamin joined MTC president Ron Rhames and Ritedose president and CEO Jody Chastain at a ribbon cutting and tour on Thursday.
Officials inclluding MTC president Ron Rhames, S.C. Commerce Secretary Bobby Hitt and Ritedose CEO Jody Chastain cut the ribbon on Ritedose's new facility on MTC's Enterprise Campus on Thursday. (Photo/Provided)
“TRC chose to set up our facility at the MTC Enterprise Campus because it is close geographically and it strengthens our relationship with Midlands Technical College,” Chastain said in a news release. “Having the benefit of a technical college with a willingness to structure curriculum for our industry makes sense. We will be working with MTC in designing courses that will be applied toward training and hiring the skill set that will continue to facilitate TRC’s success.”
TRC specializes in the production of inhalation products, eye drops, eardrops and oral liquids, serving clients from clinical trials to full-scale commercialization.
“We welcome companies like TRC that desire a relationship with an academic institution and that will take full advantage of what this site has to offer,” said Chuck Whipple, MTC Enterprise Campus executive director. “The Ritedose Corporation will be able to recruit MTC students to train and work in one of the most modern manufacturing environments in the state. It’s a win for the students, for the college and for TRC.”
The MTC Enterprise Campus offers office and industrial space ranging from five to 40 acres. Companies will be able to train and hire MTC students who have developed technical skills tailored to their organizations.
“This new facility will provide internship opportunities for many MTC students,” Rhames said. “By bridging the divide between learning and working, the enterprise campus will continue to grow as more companies choose to co-locate adjacent to the college’s northeast campus, where workforce training needs are so close at hand.”