Otsuka has entered into a definitive agreement to acquire 100 percent of plant-based Daiya Foods Inc. The acquisition, reported at 405 million Canadian dollars (US$322.9 million), is expected to help increase Canada-based Daiyas presence throughout North America and beyond, while creating a global plant-based food platform.

The acquisition will proceed by way of the plan of arrangement under British Columbia law.  The arrangement has been approved by the Daiya board and will be subject to the approval of Daiya shareholders, receipt of court approval and the satisfaction of certain other customary closing conditions.

Otsuka operates worldwide, including in the US and Canada, wher it offers popular brands like Nature Made vitamins. The acquisition of Daiya greatly expands Otsukas product portfolio, adding a new category of plant-based products in North America and provides Daiya with expertise in consumer brands, R&D and manufacturing, and global markets.

Tatsuo Higuchi, President and Representative Director of Otsuka commented: “We are excited to welcome Daiya to Otsuka group. Driven by a highly talented management team, Daiya has developed a portfolio of high-quality, unique plant-based nutrition products and built a strong brand with loyal customers. We believe this will be an important pillar for our nutraceutical business. With our shared values, vision and mission, together we will commit to the better wellness of people worldwide.”

“Joining the Otsuka family is an honor for all of us at Daiya. With aligned values and vision, Daiya and Otsuka have a tremendous opportunity to bring the incredible benefits of a plant-forward lifestyle to people around the world,” explains Terry Tierney, Daiyas CEO. “Our partnership with Otsuka enables us to leverage their expertise and vast resources to continue growing our line of great-tasting, allergy-friendly food products that have delighted consumers for over 10 years.”

Operations and management under the leadership of CEO Terry Tierney will continue from Daiyas current headquarters in Vancouver, Canada.

Founded in 2008, Daiya was among the pioneers in developing delicious, plant-based cheese alternatives. Daiya is also one of the founding members of The Plant based Foods Association, a leading trade association that represents 75 of the USs leading plant-based foods businesses.