Zydus Lifesciences Limited has acquired 50% equity stake through its wholly owned subsidiary, in Sterling Biotech from Perfect Day Inc to enter into fermentation-based protein business for a total consideration of ₹550 crore, subject to certain adjustments with respect to cash and debt as mentioned in the definitive agreements.

Khaitan & Co advised Zydus on this transaction.

The deal was led by Bhavik Narsana (Partner) along with Nirav Punjani (Principal Associate) and Pragya Mishra (Associate) with assistance from the following:

Corporate: Abheepsita Purkayastha (Associate), Niharika Jain (Associate) and Nishant Sharma (Associate);

Banking and Finance Team: Kumar Saurabh Singh (Partner), Ashwij Ramaiah(Principal Associate), Aaryan Mohan (Associate), Akash Mukherjee (Associate), Kartikey G (Associate) and Saumya Agarwal (Associate);

Real Estate: Amit Wadhwani (Partner), Agarwal Rahul (Senior Associate) and Karan Thakkar (Associate);

Litigation: Kingshuk Banerjee (Partner), Arnav Mohanty (Principal Associate) and Shayan Dasgupta (Principal Associate);

Employment Law: Deepak Kumar (Partner), Archika Dudhwewala (senior Associate) and Sidheswar Sahoo (Associate);

Intellectual Property: Nishad Nadkarni (Partner) and Riya Karkera (Associate).

The Zydus legal team lead by Mukund Thakkar (Sr. VP Legal), Kalpit Lodha (General Manager) and Randall Williams (Deputy Manager) also worked on the transaction.

Post this transaction, Sterling Biotech has become a 50:50 Joint Venture with equal representation on the Board.

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