Zydus Lifesciences Limited, through its wholly-owned subsidiary, has entered into a strategic agreement with Perfect Day Inc, resulting in the latter selling its approximately 50 percent shareholding in Sterling Biotech Limited (SBL). Following this transaction, Sterling Biotech will be transformed into a 50:50 Joint Venture (JV). NovaaOne Capital Private Limited is serving as the exclusive financial advisor to Perfect Day for this transaction.
The partnership aims to accelerate the production of high-quality, eco-friendly protein products, reduce environmental impact, and meet the increasing consumer demand for fermentation-based and ethically sourced nutrition. Currently, Sterling Biotech is engaged in the manufacturing and sale of fermentation-based API products and gelatine.
For Zydus, this acquisition marks a strategic foray into specialized biotech products targeting health and nutrition, particularly for consumers who prefer animal-free protein or are lactose intolerant. Perfect Day’s precision-fermented protein is already featured in a variety of products, including ice creams, cream cheese, sports nutrition items, and baked goods, known for their functionality benefits and lower environmental footprint.
This transaction underscores the growing significance of environmentally friendly and sustainable products in global markets. Perfect Day is poised to enhance its technological capabilities in India as part of its emerging market growth strategy, while Zydus will continue leveraging its strong manufacturing and commercial expertise.
"We are dedicated to promoting growth through partnerships and are consistently exploring new collaborations to position India as a premier global supply chain hub. 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,” said Dr Sharvil Patel, Managing Director, Zydus Lifesciences Limited.
Narayan TM, Interim CEO of Perfect Day, added: “This partnership allows Perfect Day to significantly 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.”
Company reported net Profit at Rs. 1,482.50 crore in June 2024 up 36.4 percent from Rs. 1,086.90 crore in June 2023.
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