Zydus Lifesciences on Saturday said it has inked a pact with Perfect Day Inc to acquire 50 per cent stake in Sterling Biotech.
As part of the deal, Perfect Day Inc, a Temasek portfolio company, will sell its 50 per cent 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 ..
