M&A

M&A

Zydus to acquire 50% stake in Sterling Biotech from Perfect Day for Rs.550-Cr

BSE   Business Line  

Publicly-listed, Ahmedabad-headquartered Zydus Lifesciences, through its wholly-owned subsidiary Zydus Animal Health and Investments, has acquired a 50 % stake in Mumbai-based Sterling Biotech Ltd (SBL) from Perfect Day Inc., a Temasek-portfolio company, for INR 550 crore. Post-acquisition, Sterling Biotech will become a 50:50 joint venture with equal representation for both partners on the board.The JV will set up a manufacturing facility for fermented animal free protein to cater to the global markets and accelerate the production of high-quality and eco-friendly protein products, reduce environmental impact, and cater to the demand for fermentation-based and ethically sourced nutrition.NovaaOne Capital is acting as an exclusive financial advisor to Perfect Day for this transaction.