Zydus Lifesciences to acquire 50% stake in Sterling Biotech from Perfect Day
The acquisition also marks Zydus' foray into specialised biotech products for health and nutrition, specifically catering to consumers who prefer animal-free protein or suffer from lactose intolerance, the Gujarat-based firm said.
Zydus Lifesciences on Saturday said it signed a contract 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% shareholding in Sterling Biotech for an undisclosed amount.
Post 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 JV will establish a manufacturing facility to manufacture fermented animal-free protein to cater to the global markets, it added.
The acquisition also marks Zydus' foray into specialised biotech products for health and nutrition, specifically catering to consumers who prefer animal-free protein or suffer from lactose intolerance, the Gujarat-based firm said.
Perfect Day's precision-fermented protein is found in ice creams, cream cheese, sports nutrition products, and baked goods with high functionality benefits and lower environmental impact. Sterling Biotech is currently engaged in manufacturing and sale of fermentation-based API products and gelatine.
"We are dedicated to promoting growth through partnerships and are consistently exploring new collaborations to position India as a premier global supply chain hub," Zydus Lifesciences MD Sharvil Patel said.
The collaboration with Perfect Day creates a win-win combination that leverages both strengths and expertise to create value for the consumers, he added.
Perfect Day Interim CEO Narayan TM said, this partnership allows the company to significantly boost its capabilities to meet the demands of the fast-growing global market.