Leading pharmaceutical producer using blow-fill-seal (BFS) technology

Deal Facts
  • AGIC acquired Ritedose in September 2017 as the lead investor of a consortium
  • Exited to Novo Holdings in February 2022

Business Overview

  • Ritedose is a leading unit-dose sterile Rx and Gx pharmaceutical CDMO in the US using BFS technology, producing ~1.0 billion units annually for the respiratory, ophthalmic, and oral liquid markets. BFS technology is a manufacturing technique where a container is formed, filled, and sealed in a fully automated continuous aseptic process
  • Manufactures pharmaceutical products for CDMO customers and Ritedose branded generic products (RDP) with an industry-leading quality and compliance track record

Investment Thesis

  • BFS injectables exhibit attractive growth rates as pharma companies increasingly adopt cost-efficient and innovative unit-dose packaging for existing and new therapies. Ritedose is very well-positioned to capitalize on these secular market tailwinds
  • Opportunity to continuously grow high margin core business with a robust pipeline of new products and organically expand into adjacent market segments
  • Strong platform for international expansion by way of new product approvals and bolt-on acquisitions

AGIC Value Added

  • AGIC supported management to increase capacity, launch new product lines and leverage Ritedose’s process capabilities and automated infrastructure for operational efficiencies to reinforce its market leader status underpinned by best-in-class production throughput and lowest BFS unit costs
  • Strategically expanded RDP business with new inhalation and ophthalmic products and supported Ritedose’s expansion into the underserved 503B market, which is estimated at ~$900 million p.a. and benefits from a trend towards increased outsourcing
  • Helped Ritedose obtain the CFDA approval in cooperation with local distribution partners, paving the way for future growth through new market penetration