Following closure of the deal, Sterling Biotech will become a 50:50 joint venture with equal representation on the Board. The JV will establish a state-of-the-art manufacturing facility to manufacture fermented animal free protein for global markets.
The deal also marks Zydus’ first step into specialized biotech products for health and nutrition, specifically catering to consumers who prefer animal-free protein or suffer from lactose intolerance.
The JV partners will “also take a strategic view on API and gelatine business,” according to Zydus. NovaaOne Capital Private Limited is acting as an exclusive financial advisor to Perfect Day for this transaction.