Zydus Lifesciences to acquire 50% stake in Sterling Biotech from Perfect Day

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 deal, Perfect Day Inc, a Temasek portfolio company, will sell its 50 per cent shareholding in Sterling Biotech for an undisclosed amount.

Post transaction, Sterling Biotech will become a 50:50 joint venture with equal representation on Board, Zydus Lifesciences said in a statement.

Financial details of deal were t shared.

JV will establish a manufacturing facility to manufacture fermented animal-free protein to cater to global markets, it ded.

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, 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 engd 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.

collaboration with Perfect Day creates a win-win combination that levers both strengths and expertise to create value for consumers, he ded.

Perfect Day Interim CEO Narayan TM said, this partnership allows company to significantly boost its capabilities to meet demands of fast-growing global market.