Comar

Morgan Stanley Capital Partners acquired a majority stake in Comar in 2018. The firm operates as a privately held portfolio company with Mike Ruggieri as President and CEO. Prior to Morgan Stanley's acquisition, the company was family-run for multiple generations.

Many of Comar's dispensing products, such as the DiversaPak oral syringe for generic Suboxone, are co-developed with pharma manufacturers and referenced directly in FDA drug applications. Changing the packaging requires a new regulatory filing, which creates an extremely high switching cost and near-captive demand for the life cycle of the drug.

No. While pharmaceutical packaging—especially dispensing systems for addiction-treatment drugs—is its highest-moat segment, Comar also manufactures rigid plastic containers, closures, and dropper assemblies for consumer health, personal care, and food-and-beverage markets. Its medical division is the primary growth driver.

Comar acquired iCanDose in 2022 to add patented child-resistant dispensing technology to its platform. In early 2024, the company launched a new line of eliquid dispensing closures designed for precision dosing in over-the-counter cough-and-cold and liquid vitamin products.

Comar's fortunes are tied to the opioid-dependence treatment market, where generic buprenorphine/naloxone volumes rise with public-health policy changes that expand access. Increased FDA scrutiny on medication errors also drives demand for Comar's metered, child-resistant dispensing products in consumer health.