The Ritedose CorporationColumbia, SC
In March of 2009 Olympus acquired The Ritedose Corporation. Based in Columbia, South Carolina, TRC manufactures pharmaceuticals using “blow-fill-seal” technology. TRC operates the most advance blow-fill-seal pharmaceutical filling operation in the country. Unfortunately, in 2009 TRC was operating near full capacity and had very high customer concentration, with over 80% of its revenue coming from contract manufacturing two generic inhalation drugs for Mylan Labs under Mylan’s intellectual property.
Under Olympus’s leadership TRC accomplished the following:
- Filed and received Abbreviated New Drug Applications on a broad portfolio of generic inhalation drugs. This allowed TRC to expand its customer base to include Teva and Sandoz.
- Launched its own pharmaceutical label, RiteDose Pharmaceuticals. Within two years RiteDose Pharmaceuticals was the second largest brand in generic inhalation.
- Invested over $100 million in cap ex, more than doubling manufacturing capacity and dramatically improving efficiency.
- Expanded into ophthalmic and otic pharmaceuticals.
By the time Olympus sold TRC EBITDA had more than tripled.