UNITED STATES, April 25, 2022 (Green Queen): California’s Perfect Day company has been confirmed as the winning bidder in an auction for Mumbai-based Sterling Biotech. The reported final figure was approximately US$83 million. Sterling entered into the liquidation process following insolvency and a failure to provide any resolution plan. Perfect Day, by acquiring Sterling, gains two manufacturing plants in Gujarat and a third in Tamil Nadu, possibly a sign of planned Indian expansion plans though likely the company is also looking to reduce production costs and establish operations in Asia as it looks to expand beyond the U.S. market.
In addition to the India plant acquisition news, the alternative dairy leader has just announced it will be making Utah’s Salt Lake City home to its second production base. Construction is already in progress, to build out a 60,000 square foot plant within the Gateway’s BioHive center. Regarded as something of an incubator for life sciences, the campus already features a diverse blend of enterprises. Perfect Day is one of several companies looking to break away from the norm by offering an alternative to the conventional dairy sector. The startup leverages precision fermentation to generate identical dairy proteins, without the use of cows.
More at source.
https://www.greenqueen.com.hk/perfect-day-acquires-sterling-biotech/