[ad_1]
Zydus Lifesciences on Saturday said it has entered into an agreement with Perfect Day Inc to acquire 50% stake in Sterling Biotech.
As part of the deal, Perfect Day Inc, a Temasek portfolio company, will sell its 50% stake in Sterling Biotech for an undisclosed amount.
Following the transaction, Sterling Biotech will become a 50:50 joint venture with equal representation on the board, Zydus Lifesciences said in a statement.
Financial details of the deal were not shared.
The joint venture will set up a manufacturing facility to produce fermented animal-free protein to meet the needs of global markets, he said.
The Gujarat-based company said the acquisition marks Zydus’ foray into specialty biotechnology products for health and nutrition, specifically for consumers who prefer animal-free proteins or suffer from lactose intolerance.
Perfect Day’s precision-fermented protein is found in ice cream, cream cheese, sports nutrition products and baked goods, with high performance benefits and a low environmental impact.
Sterling Biotech is currently engaged in the manufacturing and sales of fermentation based API products and Gelatin.
Sharvil Patel, Managing Director, Zydus Lifesciences, said, “We are dedicated to driving growth through partnerships and are constantly exploring new collaborations to establish India as a leading global supply chain hub.”
He added that the collaboration with Perfect Day will be beneficial for both parties, leveraging the strengths and expertise of both to create value for consumers.
Narayan TM, Interim CEO of Perfect Day, said the partnership will help the company significantly enhance its capabilities to meet the demands of the rapidly growing global market.
[ad_2]
Source link