Novo Holdings A/S (“Novo Holdings”) 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. 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.
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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.”
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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.
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