(PTI) – Zydus Lifesciences on Saturday said it has signed an agreement with Perfect Day Inc to acquire 50 per cent stake in Sterling Biotech.
As part of the agreement, Perfect Day Inc, a Temasek The holding company will sell its 50 percent 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 of directors. Zydus Life Sciences said in a statement.
Financial details of the deal were not shared.
The joint venture will establish a manufacturing facility to produce fermented animal protein to serve global markets, he added.
He acquisition It also marks Zydus’ foray into specialty biotech products for health and nutrition, specifically catering to consumers who prefer animal-free proteins or suffer from lactose intolerance, the Gujarat-based firm said.
Perfect Day’s precision-fermented protein is found in ice cream, cream cheese, sports nutrition products and baked goods with high functionality benefits and lower environmental impact.
Sterling Biotech is currently engaged in the manufacturing and sales of fermentation and gelatin based API products.
“We are dedicated to driving growth through partnerships and are constantly exploring new collaborations to position India as a world-class global supply chain hub.” Zydus Life Sciences Dr. Sharvil Patel said.
The collaboration with Perfect Day creates a win-win combination that leverages both strengths and expertise to create value for consumers, he added.
Narayan TM, Interim CEO of Perfect Day, said this partnership enables the company to significantly increase its capabilities to meet the demands of the rapidly growing global market.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.