Zydus Lifesciences announced on Saturday that it will acquire a 50% stake in Sterling Biotech from Perfect Day Inc. As part of this agreement, Perfect Day Inc, which is part of the Temasek portfolio, will sell its 50% shareholding in Sterling Biotech, but the exact amount of the transaction has not been disclosed.
After this deal, Sterling Biotech will be a 50:50 joint venture, with equal representation on the Board of Directors, according to Zydus Lifesciences. The financial details of the deal have not been made public.
The joint venture will set up a new manufacturing facility to produce fermented animal-free protein for global markets. This acquisition is a step for Zydus into specialized biotech products focused on health and nutrition, particularly for those who prefer animal-free protein or have lactose intolerance.
Perfect Day’s protein, made through precision fermentation, is used in products like ice cream, cream cheese, sports nutrition items, and baked goods. It offers high functionality and has a lower environmental impact. Sterling Biotech currently makes and sells fermentation-based API products and gelatin.
Zydus Lifesciences Managing Director Sharvil Patel stated that the company is focused on growth through partnerships and exploring new collaborations to enhance India’s position as a leading global supply chain hub. The partnership with Perfect Day combines their strengths and expertise to create value for consumers.
Perfect Day Interim CEO Narayan TM added that this partnership will significantly increase the company’s ability to meet the demands of the rapidly growing global market.
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