This acquisition will lead to Sterling Biotech becoming a 50:50 joint venture (JV) between Zydus and Perfect Day. | Photo: X@ZydusUniverse
Zydus Lifesciences, through its wholly owned subsidiary, has entered into a strategic partnership with Perfect Day Inc, a Temasek portfolio company, which will result in the latter selling its 50 per cent stake in Sterling Biotech (SBL).
This acquisition will lead to Sterling Biotech becoming a 50:50 joint venture (JV) between Zydus and Perfect Day, with equal representation on the board.
SBL currently manufactures fermentation-based products including gelatine and APIs, but the JV will shift its focus to animal-free protein production.
While Perfect Day will enhance its technological capabilities in India as part of its market strategy, Zydus will leverage its manufacturing and commercial expertise.
This partnership marks Zydus’ entry into the specialised biotech products sector, particularly focusing on health and nutrition solutions for consumers who prefer animal-free protein or are lactose intolerant. Perfect Day’s precision-fermented protein, already used in a variety of products such as ice creams, cream cheese, sports nutrition products, and baked goods, will be central to the JV’s offerings. These products are claimed for their high functionality, health benefits, and lower environmental impact compared to traditional animal-based proteins.
Commenting on this, Sharvil Patel, Managing Director of Zydus Lifesciences stated, “We are excited to join forces with Perfect Day and create a win-win combination that leverages both our strengths and expertise to create value for the consumers.”
Speaking on the same, Narayan TM, Interim CEO, Perfect Day said, “This partnership allows Perfect Day to boost its capabilities to meet the demands of the fast-growing global market. We deeply value our collaboration with Zydus and believe this joint venture will allow both parties to benefit from each other’s expertise.”
NovaaOne Capital Private Limited acted as the exclusive financial advisor to Perfect Day for this transaction.
First Published: Aug 24 2024 | 4:35 PM IST
