- Company secures regulatory approval in India and purchases state-of-the-art research, pilot production, and manufacturing facilities
- The company also completes acquisition of Gujarat-based Sterling Biotech Limited after emerging successful with a bid of Rs 638 crore for the debt-ridden company.
- Perfect Day’s team in India will now be based in Gujarat, Karnataka, and Tamil Nadu, with potential additional states in the future as the team grows in this important market.
NE BUSINESS BUREAU
NEW DELHI, NOV 30
California-base Perfect Day, Inc. on Wednesday announced a deepening of its global vision and production prowess with two critical steps in India—a critical market for the company to scale its production capacity, extend its kinder, greener impact, and add top caliber talent to its team.
The Food Safety and Standards Authority of India has approved the company’s application for its animal-free milk proteins, opening the door for commercialization 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.
The company also completed its acquisition of Sterling Biotech Limited (SBL), advancing the company’s manufacturing capacity and owned manufacturing network. This acquisition will double the company’s 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 Perfect Day’s immediate investment of 1.5x the winning auction price of Rs 638 crore. These manufacturing facilities include robust 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.
“We’re scaling our impact to all corners of the world. Expanding our commercialization and manufacturing capabilities in India is a critical step forward,” said Narayan TM, Perfect Day’s President. “Through regulatory approval and the acquisition of these state-of-the-art facilities in India, we’ve grown our presence in this important market, extending our ability to meet increasing global demand and deliver even more products to consumers.”
The facilities also are outfitted for other premium, pharmaceutical-grade ingredient production, including gelatin and dicalcium phosphate. This marks another chapter in Perfect Day’s mission as it expands its technology capabilities, ingredient innovation, and planet positive impact beyond animal-free milk proteins.
“This strategic acquisition stands to vastly expand our ability to make and sell protein while leveraging our robust technology platform across new ingredient opportunities,” said Ryan Pandya, CEO and co-founder of Perfect Day. “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.”
Today’s news comes amid a period of significant growth for Perfect Day. The company continues extending the impact of its animal-free whey protein, quantified by its ISO-conformant, third-party expert panel reviewed life cycle assessment, through its ingredient partners and consumer brands—consumers can now find kinder, greener products across six categories in three countries. It also recently announced the identity and vision of its global enterprise biology business, nth Bio, which gives leaders in precision fermentation access to essential tools and infrastructure to make world-changing goods, from everyday commodities to life-saving vaccines.
This work is led by the team of Perfect Day employees in the US, India, Singapore, Hong Kong, and the UK who exemplify how protecting the future of our planet is a truly global mission. Adding the talent associated with SBL to this mission-driven team was a critical strategic component of this acquisition. Perfect Day plans to retain all existing employees from SBL, deepening its investment in this important workforce and adding to the incredible team they have already built in India. Perfect Day’s team in India will now be based in Gujarat, Karnataka, and Tamil Nadu, with potential additional states in the future as the team grows in this important market.
