The U.S.-based food technology startup Perfect Day Inc. on Wednesday said the acquisition of Sterling Biotech will enable the firm to scale up the production of animal-free milk proteins to cater to both domestic and export markets.
The company, founded in 2014 by Ryan Pandya and Perumal Gandhi, has received an approval from the Food Safety and Standards Authority of India for its animal-free milk proteins, opening the door for commercialisation in India.
In the near-term, Perfect Day will export animal-free protein produced in India to meet increasing global customer demands while it works on building a roadmap for domestic commercial opportunities.
In a statement issued on Wednesday, the company noted that the acquisition of Sterling Biotech will double its production capability in the near-term with the addition of four high-value assets, including two operational manufacturing facilities in Masar, Gujarat—more than returning on the company's immediate investment of 1.5 times the winning auction price of Rs 638 crore, it added.
These manufacturing facilities include precision fermentation capabilities with existing fermenters that will allow the company to expand its precision fermentation capabilities in the months ahead while continuing to service existing SBL customers in both the pharma and protein sectors, the Berkeley-based firm said.
"This strategic acquisition stands to vastly expand our ability to make and sell protein while leveraging our robust technology platform across new ingredient opportunities," Perfect Day CEO and Co-founder Ryan Pandya stated.
He further said: "Our mission is one driven by collaboration, and we look forward to working closely with Sterling Biotech's existing customers and employees as we continue to expand our investment in India and drive positive change together."
Perfect Day emerged as the successful bidder for acquiring Gujarat-based Sterling Biotech Ltd. through the liquidation process.
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